Elfin Agro India IPO: A Muted Market Debut
Shares of Elfin Agro India commenced trading on the BSE SME platform today, March 12, 2026, with the grey market indicating a lackluster listing. The stock is currently trading near its issue price of Rs 47 per share.
IPO Details and Subscription
The Rs 25 crore Initial Public Offering (IPO) of Elfin Agro India was open for subscription from March 5 to March 9, 2026. The IPO consisted entirely of a fresh issue of 53.25 lakh shares, with the company intending to utilize the proceeds for working capital and general corporate purposes.1
the IPO was subscribed 1.35 times. Demand was primarily driven by high-net-worth investors (HNIs), with the NII (Non-Institutional Investors) portion oversubscribed at 2.12 times. However, the retail investor category saw a subscription rate of only 0.59 times.1
Company Overview
Elfin Agro India operates in the agro-processing and edible oil segment, focusing on wheat-based products such as chakki atta, refined wheat flour (R atta), tandoori atta, maida, and sooji, alongside mustard oil.1 The company markets its products under the brands Shiv Nandi and ELFIN’s Shri Shyam Bhog, distributing them through wholesalers and retailers across eight states – Gujarat, Haryana, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Uttar Pradesh, and Uttarakhand – and two union territories, Delhi and Chandigarh.1
The company likewise trades in agricultural commodities including chana, maize, wheat, soybean oil, rice bran oil, cattle feed, and groundnut oil, adjusting its trading activities based on market conditions.1
Financial Performance
For the nine months ending December 2025, Elfin Agro India reported revenue of Rs 117.7 crore and a profit after tax of Rs 3.98 crore.1
Use of IPO Proceeds
The company intends to allocate approximately Rs 19.33 crore of the net IPO proceeds to support its working capital requirements, with the remaining Rs 3.5 crore earmarked for general corporate purposes.1
Grey Market Premium
Prior to listing, the grey market premium (GMP) for Elfin Agro India stood at Rs 0, suggesting a listing price close to the issue price of Rs 47 per share.1 Investors are now closely monitoring the stock’s performance on its debut on the BSE SME exchange.