Adon Agro Commodities Limited, an integrated agro-commodity company engaged in procurement, processing, and marketing of premium dry fruits and nuts under the 'Hunger Nuts' brand, will open its Initial Public Offering (IPO) on June 29, 2026. The IPO comprises a fresh issue of 62,90,000 equity shares of ₹10 each, with a price band of ₹66 to ₹70 per equity share and a lot size of 2,000 equity shares. The total issue size is ₹44.03 crore at the upper price band. The company plans to list on the SME Platform of BSE (BSE SME). Net proceeds from the fresh issue will be utilized for funding working capital requirements and general corporate purposes.
IPO Timeline and Key Details
The issue will open for public subscription on June 29, 2026, and close on July 1, 2026. Galactico Corporate Services Limited is the Book Running Lead Manager, and KFin Technologies Limited is the Registrar to the Issue. The IPO is a significant milestone for the company, which has grown from a small trading business to a comprehensive dry fruit platform with international sourcing and in-house processing.
Company Growth and Financial Performance
Mr. Narayanswamy Venkitkrishnan, Managing Director of Adon Agro Commodities Limited, stated: "When we started Adon Agro Commodities, we had one clear focus - source the right quality products, build honest relationships, and deliver consistently to our customers. Over the years, that focus has helped us grow from a small trading business into a company that today handles procurement from key origins like the UAE, Afghanistan, Chile, the United States, and Sri Lanka, across categories like almonds, cashews, walnuts, pistachios, and raisins." He added that the company's subsidiary, Adon Agro Trading L.L.C. in Dubai, strengthened international sourcing, and the Hunger Nuts brand allowed direct consumer reach. The IPO proceeds will help fund working capital requirements.
Mrs. Jigisha Narayanswamy, Executive Director, highlighted the company's in-house processing facility at MIDC Mahape, Navi Mumbai, which allows full control over cleaning, grading, processing, and packing. She noted that building a brand in the dry fruits space is challenging, but Hunger Nuts is now accessible across B2B, APMC wholesale, modern retail stores, and e-commerce platforms. The goal is to make Hunger Nuts a household name across India.
Mr. Shubham Ratan Sharma, Executive Director, reported that revenue from operations grew from ₹2,233.48 Lakhs in FY23 to ₹10,303.55 Lakhs in FY25, and for the ten-month period ended January 31, 2026, the company recorded ₹28,716.20 Lakhs. He attributed this growth to building the right systems, team, and customer relationships.
Market Context and Expert Commentary
Mr. Vishal Sancheti, CEO of Galactico Corporate Services Limited, said: "Adon Agro Commodities Limited is exactly the kind of business that Galactico Corporate Services is proud to bring to the public markets - one that has built its growth on strong fundamentals. India's dry fruits sector is growing at a CAGR of over 10%, and within that, AACL has built something genuinely different - sourcing from six countries across the globe, processing in-house at its MIDC Navi Mumbai facility, selling under its own brand Hunger Nuts across retail and digital channels, and building an international presence through its Dubai subsidiary." He noted that the company's revenue has grown 13x in just three years, while PAT margins expanded from 0.38% in FY23 to 7.50% for the ten-month period ended January 2026, with a PAT of ₹2,155.07 Lakhs during the same period.
Company Overview and Operations
Incorporated in Mumbai, Adon Agro Commodities Limited sources, imports, processes, packs, and distributes dry fruits, nuts, seeds, and berries including almonds, cashews, walnuts, pistachios, raisins, dates, and apricots. The company sources domestically and internationally from countries including the UAE, Afghanistan, Chile, the United States, and Sri Lanka. It sells in bulk to B2B customers and under the proprietary brand Hunger Nuts across wholesale, retail, and direct-to-consumer (D2C) channels. The in-house processing facility at MIDC Mahape, Navi Mumbai, handles cleaning, grading, processing, and packing. The distribution network spans direct sales, APMC Navi Mumbai, third-party distributors across India, large-format retail stores, and leading e-commerce marketplaces. The company is promoted by Mr. Narayanswamy Venkitkrishnan, Mr. Shubham Ratan Sharma, and Mrs. Jigisha Narayanswamy.
Forward-Looking Statements and Disclaimer
Certain statements in this document that are not historical facts are forward-looking statements. Such forward-looking statements are subject to risks and uncertainties including government actions, local, political or economic developments, technological risks, and other factors that could cause actual results to differ materially. The company undertakes no obligation to publicly update these forward-looking statements. Investors should read the Red Herring Prospectus including the section titled 'Risk Factors' before making any investment decision.
