M R Maniveni Foods IPO
smelistedAbout the company
Incorporated in 2010, M R Maniveni Foods has more than 15 years' experience in the food industry, focusing on pulse milling and processing as well as trading of processed pulses. Its operations mainly follow a B2B approach with processed pulses sold via large retailers, wholesalers, and eCommerce sites. The breakdown of revenue for 9MFY26 includes supermarket sales at 44.9%, eCommerce platforms at 8.6%, and others formed 46.4%. There are currently two milling plants that are dedicated for operation by the company. These two plants are both situated in Chennai. The installed capacity of the company is 29,400 MT per year. The actual production for FY25 was 19,272 MT, which increased from 13,939 MT in FY23, with overall capacity utilisation improved from 47.4% in FY23 to 65.5% in FY25. The contribution made by manufacturing stood at 97.8% as of December 2025, out of which urad dal contributed 85.5% and toor dal 12.2%, while trading contributed 2.1%. The contribution of urad dal and toor dal together was almost 99.9% in FY25. Geographically, Tamil Nadu accounted for 58.3% towards revenues in FY25, Karnataka contributed 23.9% and Kerala 7.1%. The company has been able to expand into regions such as Madhya Pradesh, Maharashtra, Gujarat and Telangana.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 26 May | ₹0 | ₹52 | 0 |
| 25 May | ₹0 | ₹52 | 0 |
| 24 May | ₹0 | ₹52 | 0 |
| 23 May | ₹0 | ₹52 | 0 |
| 22 May | ₹0 | ₹52 | 0 |
| 21 May | ₹0 | ₹52 | 0 |
| 20 May | ₹0 | ₹52 | 0 |
| 19 May | ₹0 | ₹52 | 0 |
Strengths
- Operates in the FMCG and food processing sector
- Specializes in manufacturing and supply of pulses including urad dal and toor dal
- Over 15 years of industry experience in food processing business
- Diversified product portfolio including pulses, rice, chillies, coriander seeds, and kabuli channa
- Gradual automation of manufacturing operations improves efficiency
- Strong demand for essential food products supports business stability
- Asset-backed manufacturing operations in a defensive FMCG segment
- Focus on staple food products reduces dependence on seasonal trends
- SME IPO size is relatively moderate, which may support subscription interest
- Business benefits from rising packaged food and branded pulses demand in India
Risks
- Operates in a highly competitive commodity-based food industry
- Profit margins in pulses business are generally low
- Revenue depends heavily on raw material price fluctuations
- Working capital intensive business model
- Dependence on agricultural supply chain and monsoon conditions
- SME IPOs carry high volatility and liquidity risk
- Limited geographical diversification may restrict scalability
- Exposure to changes in government food and agricultural policies
- Automation and expansion execution risks remain important
- Any disruption in procurement or commodity pricing can impact profitability
- Retail investors may face sharp post-listing price fluctuations in SME stocks
Financial performance (₹ Cr)
IPO Roadmap / Timeline
IPO Opens
Completed22 May 2026Bidding starts for all investor categories
IPO Closes
Completed26 May 2026Last day to place your bid
Basis of Allotment
Completed27 May 2026Share allotment finalised
Refund Initiation
Completed29 May 2026Refunds credited for non-allottees
Credit to Demat
Completed29 May 2026Allotted shares credited to demat account
Listing on Exchange
Completed01 Jun 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 2000 | ₹104,000 | 1 | ₹104,000 | 1 lot only |
| HNI | 2 | 4000 | ₹208,000 | 2 | ₹208,000 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 2,621,359 | 13.5 | 0 | 0.00x | 100% |
| NII | 15% | 786,408 | 4.05 | 0 | 0.00x | 100% |
| Retail | 35% | 1,834,951 | 9.45 | 0 | 0.00x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
