Green Asia Impex IPO

SME • NSE SME • Fresh capital cum OFS

LISTEDSMENSE SME

Green Asia Impex

Price band

₹84 – ₹89

Lot size

1600 shares

Min investment

₹1,42,400

Issue size

₹60.1 Cr

About the company

Green Asia Impex Limited was started in 2014. It sources, processes and exports two agricultural products, frozen shrimp and dried chillies, selling to businesses rather than consumers. Its buyers are importers, distributors and food processors in India and overseas. On the shrimp side it handles Vannamei, Black Tiger and freshwater varieties, processed into the formats the trade uses. HOSO means head on shell on, HLSO means headless shell on, and PD means peeled and deveined, each suiting a different customer and price point. On the chilli side it trades and exports the main Indian varieties, including Teja, Guntur Sannam and Bydagi, which differ in heat and colour and are chosen by buyers accordingly. The two crops have different seasons, with shrimp harvesting running from February to October and the chilli harvest concentrated from January, which spreads the company's activity across the year.

Green Asia Impex Limited sources, processes and exports frozen shrimp and dried chillies to importers, distributors and food processors in India and abroad. It handles Vannamei, Black Tiger and freshwater shrimp in HOSO, HLSO and PD formats, and Teja, Guntur Sannam and Bydagi chilli varieties.

IPO details

Issue price: ₹89
Price band: ₹84 – ₹89
Face value: ₹10
Lot size: 1600
Min investment: ₹1,42,400
Issue size: ₹60.1 Cr
Sale type: Fresh capital cum OFS
Listing on: NSE SME
BSE scrip code: GREENASIA
NSE symbol: GREENASIA-SM.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,600	₹1,42,400
Retail (Max)	1	1,600	₹1,42,400
HNI (Min)	2	3,200	₹2,84,800

Investor reservation

CATEGORY	RESERVED
QIB	18,94,400 shares (29.84% of the Offer)
NII	22,36,800 shares (35.23% of the Offer)
Retail	22,17,600 shares (34.93% of the Offer)

Objects of the issue

1Funding the capital expenditure for setting up the proposed seafood processing facility including purchase and installation of plant, machinery & equipment40.03

2General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	254.88	177.95	118.10
Total Income	388.63	339.65	318.15
Profit After Tax	15.61	10.35	6.66
EBITDA	25.23	20.74	17.35
NET Worth	24.13	25.81	15.46
Reserves and Surplus	26.64	20.89	10.53
Total Borrowing	99.47	74.92	63.73

Key performance indicators

P/E Ratio

12.31

EPS (₹)

7.31

RoE

50.16%

RoCE

20.62%

RoNW

50.16 %

PAT Margin

3.07%

EBITDA Margin

6.14%

Debt / Equity

2.90

NAV (₹)

13.96

✓ Strengths

• Profit has more than doubled in two years, from Rs 6.66 crore in FY2024 to Rs 10.35 crore in FY2025 and Rs 15.61 crore in FY2026.

• Sales have grown steadily, from Rs 318.15 crore in FY2024 to Rs 388.63 crore in FY2026.

• EBITDA improved from Rs 17.35 crore in FY2024 to Rs 25.23 crore in FY2026.

• The issue is priced at about 12.31 times earnings on an EPS of Rs 7.31.

• Handling two crops with different seasons, shrimp from February to October and chillies from January, keeps the business occupied through the year.

• It offers shrimp in several varieties and processing formats, which lets it serve buyers at different price points.

• About Rs 40 crore of the issue goes into a proposed seafood processing facility, which would move it from trading towards processing and better margin.

• It already sells to both domestic and international buyers rather than depending on exports alone.

⚠ Risks

• Debt is very high. Total borrowing was Rs 99.47 crore against a net worth of only Rs 24.13 crore, a debt to equity ratio of 2.90.

• Net worth actually fell in FY2026, from Rs 25.81 crore to Rs 24.13 crore, even though profit rose.

• The profit margin is thin at 3.07%, which is typical of agricultural trading but leaves little cushion.

• Shrimp exports face anti-dumping duties, tariff changes and quality rejections in the United States and European markets, any of which can halt shipments.

• Both shrimp and chilli are commodities whose prices swing with the harvest and with global demand.

• Disease outbreaks in aquaculture can cut shrimp supply sharply and at short notice.

• This is a fresh issue combined with an offer for sale, and promoter holding falls from 94.65% to 64.91%.

• This is an SME issue. One lot is 1,600 shares, which is about Rs 1.42 lakh at the upper band of Rs 89, and SME shares usually trade in low volume after listing.

Promoters & holding

Pasupuleti Venkata Ramarao and Pasupuleti Meenakshi

Pre-issue promoter holding

94.65%

Post-issue promoter holding

64.91%

Promoters hold 94.65% before the issue and will hold 64.91% after it.

Data refreshed 07 Nov 2026, 04:52 pm IST. GMP is unofficial market sentiment, not investment advice.