The initial public offer (IPO) of Vandan Foods received bids for 45,19,200 shares as against 26,40,000 shares on offer. The issue was subscribed 1.71 times.
Qualified Institutional Buyers (QIBs) bid for 4,800 shares, Non-Institutional Investors (NIIs) for 6,38,400 shares, while Retail Individual Investors (RIIs) placed bids for 38,76,000 shares.
The issue opened for bidding on 30 June 2025 and it closed on 2 July 2025. The price of the IPO was set at Rs 115 per share. The equity shares will list on BSE's SME platform.
The IPO comprised fresh issue of 26,40,000 equity shares. The promoter and promoter group shareholding diluted to 66.42% from 96.94% pre-issue.
The company intends to utilize the net proceeds to meet working capital requirement, prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company, funding the capital expenditure requirement for expansion of Dhinoj facility (capex), to meet public issue expenses and general corporate purposes.
Vandan Foods was initially engaged in the catering business. However, from the financial year 2018 to the financial year 2023, the company was involved in the trading of agro commodities. From the financial year 2024 onwards, the current promoters have been actively managing the business of manufacturing Castor Oil and its derivatives. The company is currently operating on a B2B business model, primarily focusing on Refined F.S.G. Castor Oil and Castor De Oil Cake. As of 31 December 2024, the company had 16 permanent employees.
The company recorded revenue from operations of Rs 72.66 crore and net profit of Rs 4.54 crore for the period ended 31 December 2024.