Astron Multigrain IPO debuts today. This is what GMP suggests prior to listing

Astron Multigrain will list on the BSE SME platform on December 8 after completing its Rs 18.40 crore IPO, which attracted modest interest from investors. With a gray market premium of 0%, sentiment before the stock exchange listing is neutral. The company launched a fixed price issue of 63 per share and offered 29.20 lakh shares. This included a new issue of Rs 14.74 crore and a sale offer of Rs 3.65 crore.The IPO ran from December 1 to December 3 and the allotment was completed on December 4. Retail investors had to invest a minimum of Rs 2.52 lakh for a lot of 4,000 shares.

A total of 1.22 subscriptions were made during the IPO. Retail investors subscribed 1.94 times, while NII holdings remained weak at 0.50 times. There was no QIB segment in this IPO, as is common with some fixed-price SME issues. A total of 27.72 lakh shares were offered to the public, excluding the market maker component. The subscription pattern indicates selective positive private interest, but limited traction from larger non-institutional investors.

Astron Multigrain, based in Gujarat, is mainly engaged in the production of instant noodles. The company operates in two vertical sectors. Under the contract manufacturing model, it produces noodles for Gokul Snacks, which markets the products under its own brand.

Astron also sells noodles under its own label Astron’s Swagy Noodles, currently available in one flavor, Mast Masala (Classic). Besides noodles, the company produces noodle bhujiya and papad. The plant is located in Gondal, Rajkot district, with an annual installed capacity of 5,110 tonnes.

The company’s distribution is designed for the B2B market, with a strong presence in Gujarat, Maharashtra, Madhya Pradesh and Bihar. Astron sells to super merchants who supply wholesalers and retailers. The own-brand segment accounts for 79.82% of sales, with the rest coming from contract manufacturing.

This revenue mix indicates that the company is increasingly trying to build its own brand visibility alongside its existing contract manufacturing business. Financially, Astron Multigrain has shown steady growth. Revenue rose 28% in FY25 to Rs 33.92 crore from Rs 26.51 crore in FY24. Profit after tax rose to Rs 2.31 crore from Rs 1.98 crore in the same period. For the seven-month period ended October 2025, the company reported revenues of Rs 23.58 crore and PAT of Rs 2.11 crore.

The proceeds from the IPO will be deployed towards capital expenditure of Rs 4.46 crore for new machinery, Rs 5.65 crore for working capital and the rest for general corporate purposes. When Astron Multigrain goes public on Monday, the market will focus on whether its B2B-driven noodle business and growing private label strategy can drive post-listing momentum, despite muted GMP signals.