Vandan Foods IPO: GMP, Valuation, And Price

Vandan Foods IPO- Complete Overview

Vandan Foods IPO under the SME IPO category is a fixed price issue of Rs. 30.36 Cr by Vandan Foods Limited. The company was founded in 2015. It specializes in the production of Refined F.S.G. Castor Oil and Castor Oiled Cake.

Both retail and wholesale are conducted under a single business umbrella. Customer satisfaction is achieved through quality control, proper inventory management, and development across all defined business verticals.

The company distributes its products throughout the states of Gujarat, Haryana, Andhra Pradesh, Delhi, Bihar, Rajasthan, and Telangana. Manufacturing plants are located at Dhinoj Patan, Gujarat, at two distinct locations, which have been mentioned previously.

Products:

Refined Castor Oil First Stage Grade (F.S.G.): The company manufactures F.S.G. Castor Oil, which is bleached and refined. It is used in lubricants as well as paints, pharmaceuticals, and textiles. Due to its health benefits, including constipation relief and stimulation of hair and skin growth, it is widely marketed for health purposes.

Castor De-Oiled Cake: The company produces Castor De-Oil Cake, which is utilized as a natural fertiliser. Rich with nitrogen, phosphoric acid, and potash, the cake enhances microbial activities within soils, making it a good substitute for chemically enhanced fertilisers.

Vandan Foods IPO Overview

The Vandan Foods IPO date is on 30 June 2025, and its initial public offering will end on 02 July 2025. 

The Rs. 30.36 crore new SME IPO comprises a wholly fresh issue of 26.40 lac Shares. The Vandan Foods IPO price is Rs. 115 for each Share. 

The Vandan Foods IPO listing date (expected) is Monday, Jul 07, 2025, and listing at the BSE and SME.

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Company Financial

(Amount in Cr)

Period	31 Dec 2024	31 Mar 2024	31 Mar 2023
Total Assets	31.69	12.12	4.74
Total Revenue	72.66	48.73	11.59
PAT	4.54	2.64	0.64
Net Worth	14.01	9.47	2.18
Reserves & Surplus	8.26	6.60	2.04
Borrowings	13.89	-	0.39

 

Cash Flows

(Amount in lac)

Net Cash Flow in Multiple Activities	31 Dec 2024	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	(1077.50)	88.08	261.10
Net Cash Flow Investing Activities	(339.90)	(536.55)	-
Net Cash Flow Financing Activities	1,319.94	425.54	(147.82)

Revenue Bifurcation

Product-wise Revenue Bifurcation

(Amount in lac)

State-wise Revenue Breakdown

(Amount in lac)

(Source: RHP)

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• To fulfill requirements for working capital.

• Repayment in full or in part of some outstanding loans that the company has taken out.

• Financing the necessary capital expenditures (CAPEX) for the Dhinoj Facility's development.

• General corporate purposes.

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Peers of Vandan Foods Ltd.

Company Name	Face Value (Rs.)	EPS (Rs.)	P/E (x)
NK Industries Ltd.	10	(1.71)	-
Jayant Agro - Organics Ltd.	5	17.59	14.98

 

Evaluation

The Vandan Foods Limited IPO price is Rs. 115 for each Share.

Evaluation of P/E Ratio

Considering the FY 2023-2024 with an EPS of Rs. 4.64 from the last year, the resulting P/E ratio is 24.78x.

Considering the weighted EPS of Rs. 2.72 for the last three years, the P/E ratio is 42.28x.

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Comparative Analysis With Listed Peers

The average P/E Ratio of the industry is 14.98x.

Particulars	P/E Ratio (x)
Highest	14.98
Lowest	14.98
Average	14.98

In simple words, the P/E ratio of this IPO is 24.78x, compared with the industry’s average P/E of 14.98x, indicating an overvaluation (on a P/E ratio basis only). Hence, the price of the Share seems aggressively priced for the investors when considered based on the average P/E ratio of the industry.

 

IPO's Strengths

• Experienced management and Promoters.

• Verification processes for services and products.

• Varied clientele and business types.

• Easily expanded businesses.

• Systematic operational procedures.
  
  

IPO’s Weaknesses

• Working capital - for this particular business.

• Just-in-time raw material supply.

• Labour-intensive industries.
  
  

Vandan Foods IPO GMP

Vandan Foods IPO GMP has not started yet as of 26 Jun 2025 at the time of writing this information.

IPO Timetable (Tentative)

The Vandan IPO date of opening is from Jun 30 to Jul 02, 2025, allotment on Jul 03, refund initiation on Jul 04, and listing on Jul 07, 2025.

Events	Date
IPO Opening Date	Jun 30, 2025
IPO Closing Date	Jul 02, 2025
IPO Allotment Date	Jul 03, 2025
Refund Initiation	Jul 04, 2025
IPO Listing Date	Jul 07, 2025

 

Vandan Foods IPO Details 

The IPO with a Face Value of Rs. 10 per share offers a total issue size of 26,40,000 Shares (Rs. 30.36 Cr) with a market maker portion of 1,32,000 Shares (Rs. 1.52 Cr).

IPO Opening & Closing Date	30 Jun, 2025 to 02 Jul, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 115 per Share.
Lot Size	1200 Shares
Issue Size	26,40,000 Shares (Rs. 30.36 Cr)
Offer for Sale	-
Fresh Issue	26,40,000 Shares (Rs. 30.36 Cr)
Listing at	BSE, SME
Issue Type	Fixed Price Issue
Registrar	Bigshare Services Pvt Ltd.

 

IPO Lot Details 

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (1200 Shares) amounting to Rs. 1,38,000 and in multiples thereof, while for HNI investors, the minimum Lot is 2 (2400 Shares) amounting to Rs. 2,76,000.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	1 Lot
HNI (Min)	2 Lots

 

IPO Reservation (% of Net Issue)

Institutional’s Portion	-
Retail’s Portion	47.50%
Non-Institutional Portion	47.50%

 

Promoters And Management of Vandan Foods Ltd.

• Mr. Kalpeshkumar Bhagavandas Thakkar

• Mr. Rakeshkumar Rameshbhai Patel

• Mr. Jitendra Rameshbhai Patel

• Mrs. Jyotsana Jitendrabhai Patel

• Kalpesh Kumar Thakkar HUF.

Pre-Issue Promoter Shareholding	96.94%
Post-Issue Promoter Shareholding	66.42%

 

IPO Lead Managers

• Nirbhay Capital Services Private Limited.
  
  

Dividend Policy

The company has not paid a dividend in the last three financial years.

Conclusion

Vandan Foods IPO offers a chance to invest in a company involved in castor oil and organic fertilisers that have demonstrated growth in revenues. It has an industry-high P/E of 24.78x, which, compared to the industry average P/E, suggests their IPO is overvalued.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.