Minerva Capital Research Solutions

Green Asia Impex

ListedListed 7 Oct 2026NSE SMENSE: GREENASIA-SMCheck allotment
Current price₹ 67.8−23.82% since issue
Listing day0%
Issue price
₹ 89
Issue size
₹ 60.1 Cr.
Min. investment
₹ 1,42,400
Listing price
₹ 89
Lot size
1,600 shares
P/E
12.31
RoNW
50.16 %
RoCE
20.62%
Debt / Equity
2.90
PAT margin
3.07%
EBITDA margin
6.14%
RoE
50.16%
EPS
₹ 7.31
NAV
₹ 13.96
Promoter stake
64.91%

About

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.

Timeline

  1. Opens
    24 Sep
    done
  2. Closes
    1 Oct
    done
  3. Allotment
    5 Oct
    done
  4. Refunds
    6 Oct
    done
  5. Demat credit
    6 Oct
    done
  6. Listing
    7 Oct
    done

Subscription

How many times each investor group bid for its share, as of 07 Oct 2026, 05:27 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)11,600₹ 1,42,400
Retail (Max)11,600₹ 1,42,400
HNI (Min)23,200₹ 2,84,800

Company overview

Financials

Financials by year
Assets254.88177.95118.1
Total Income388.63339.65318.15
Profit After Tax15.6110.356.66
EBITDA25.2320.7417.35
NET Worth24.1325.8115.46
Reserves and Surplus26.6420.8910.53
Total Borrowing99.4774.9263.73

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.

What the money is for

Objects of the issue
Funding the capital expenditure for setting up the proposed seafood processing facility including purchase and installation of plant, machinery & equipment40.03
General Corporate Purposes—

Promoters

  • Pasupuleti Venkata Ramarao
  • Pasupuleti Meenakshi
Promoter holding94.65%→64.91%before → after the issue · down 29.74 points

Registrar, lead managers and documents

Listing on
NSE SME
Face value
₹ 10 a share
Registrar
Bigshare Services Private Limited
Lead managers
Indorient Financial Services
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.