An Andhra Pradesh-based exporter of frozen shrimp and dried chillies is raising Rs 60.10 crore through an NSE SME issue.
Green Asia Impex sources, processes and exports frozen seafood and agri-commodities, focusing on frozen shrimp and dried chillies.
The company was incorporated in 2014 and is headquartered in Tadepalligudem, Andhra Pradesh. It is recognised as a Two Star Export House by the Directorate General of Foreign Trade, Ministry of Commerce & Industry.
Shrimp contributed 87.76% of revenue from operations in FY26. The company processes and exports Vannamei, Black Tiger and freshwater shrimp in Head-On Shell-On (HOSO), Headless Shell-On (HLSO) and Peeled & Deveined (PD) formats.
In chillies, it trades and exports whole dried and stemless chillies, including the Teja, Guntur Sannam and Bydagi varieties.
GAIL sells to B2B customers, including importers, distributors and food processors, in India and overseas. Its model covers raw-material procurement, processing and quality control at its own or third-party licensed facilities, and export to customer specifications.
It used third-party processing facilities until it set up its own in January 2023. Its semi-automated shrimp processing facility in Unguturu, Andhra Pradesh, has block-freezing capacity of 7,200 MTPA and IQF capacity of 3,600 MTPA, and it is developing a new facility at Chennayagudem that would add about 16,200 MTPA of capacity.
Both product lines are available year-round, but supply varies with the season. Shrimp supply peaks from October to July and is moderate in August and September. Dried chilli supply peaks from January to April and is moderate from May to December. As of August 31, 2026, the company had 136 employees.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | September 24, 2026 |
| Issue Closes | October 1, 2026 |
| Allotment (expected) | October 5, 2026 |
| Listing | NSE SME Emerge |
| Listing Date (tentative) | October 7, 2026 |
| Issue Type | Book Built |
| Price Band | Rs 85 – Rs 90 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 60.10 crore (66,77,777 shares) |
| Fresh Issue | 59,00,000 shares (Rs 53.10 crore) |
| Offer for Sale | 7,77,777 shares (Rs 7.00 crore) |
| Lot Size | 1,600 shares |
| Min. Retail Application | 3,200 shares (2 lots) |
| Min. Retail Investment | Rs 2,88,000 |
| Post-IPO Market Cap | Rs 192.23 crore |
| IPO as % of Post-IPO Capital | 31.26% |
| Lead Manager | Indorient Financial Services Ltd |
| Market Maker | Steel City Securities Ltd |
| Registrar | Bigshare Services Pvt Ltd |
The issue was originally scheduled to close on September 28, and its closing date has been extended to October 1.
Post-IPO, paid-up equity capital rises from Rs 15.46 crore (1,54,58,945 shares) to Rs 21.36 crore (2,13,58,945 shares).
Price Band
At the Rs 90 upper band, with FY26 earnings attributed to the fully diluted post-IPO equity, the issue is valued at a P/E of 12.31x, or 18.56x on FY25 earnings.
The P/BV is 3.21 on the March 31, 2026 NAV of Rs 28.01, and 1.97 on the post-IPO NAV of Rs 45.68. The post-IPO market cap is Rs 192.23 crore.
Analysts consider the issue aggressively priced on the basis of its average earnings.
GMP
As per market channels, the Green Asia Impex IPO GMP is ₹0. That indicates a listing price of ₹90, flat to the upper band.
On subscription, the issue was 0.03x subscribed at the end of Day 2 (September 25), with individual investors at 0.07x and NIIs at 0.01x. By 3:02 pm on September 28 it had reached 0.37x overall.
GMP is unofficial, unregulated and unendorsed.
Financial Performance
| Particulars (Rs cr, consolidated) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 318.15 | 339.65 | 388.63 |
| Net Profit (PAT) | 6.66 | 10.35 | 15.61 |
| PAT Margin (%) | 2.10 | 3.07 | 4.07 |
| RoCE (%) | 18.85 | 19.99 | 19.69 |
On a consolidated basis, total income rose from Rs 318.15 crore in FY24 to Rs 339.65 crore in FY25 and Rs 388.63 crore in FY26. Net profit rose from Rs 6.66 crore to Rs 10.35 crore and then Rs 15.61 crore.
The PAT margin increased from 2.10% to 4.07% over the three years, while RoCE stayed between 18.85% and 19.99%.
The debt-to-equity ratio stood at 2.4 as of March 31, 2026, and contingent liabilities were Rs 7.89 crore. Over the last three fiscals, the company reported an average EPS of Rs 8.36 and an average RoNW of 48.49%. It hasn’t declared any dividends during the reported periods, and it adopted a dividend policy in December 2025.
Peer Comparison
| Company | P/E (x) |
|---|---|
| Green Asia Impex (FY26, post-IPO) | 12.31 |
| Apex Frozen | 22.8 |
| Kings Infra | 12.2 |
| Essex Marine | 11.8 |
Risks to Consider
High leverage. Debt-to-equity stood at 2.4 as of March 31, 2026.
Contingent liabilities. Contingent liabilities of Rs 7.89 crore as of March 31, 2026 are significant relative to FY26 net profit of Rs 15.61 crore.
Product concentration. Shrimp accounted for 87.76% of FY26 revenue from operations, so the business depends heavily on shrimp supply, export demand and the food-safety and regulatory rules of importing countries.
Thin margins and seasonality. The PAT margin has ranged from 2.10% to 4.07%. Both products are seasonal, and raw-material availability and prices vary through the year.
Recent share issuance and the OFS. The company allotted shares at Rs 77 in September 2026, weeks before the IPO. Selling shareholders are offloading 7,77,777 shares at an average acquisition cost of Rs 3.33 per share.
Execution and SME-specific risks. Rs 40.03 crore of the proceeds goes to a new processing facility, and subscription had reached 0.37x by the originally scheduled closing day. The minimum retail investment is Rs 2.88 lakh, and liquidity on the SME platform is limited.
This article is for informational purposes and is not personalised investment advice; investors should do their own due diligence or consult a SEBI-registered adviser before acting.
