The Capital Chronicle
India markets & business. Free.

markets · Markets / IPOs / SME

Green Asia Impex, Papadmalji Agro list on NSE Emerge today at ₹89 and ₹72; R.K. Fashion SME IPO closes at 0.47× bids

NSE circulars 76752 and 76746: shrimp-and-chilli exporter Green Asia Impex (issue ₹89) and Bikaner papad maker Papadmalji Agro Foods (issue ₹72) are admitted to the NSE Emerge SME platform from Wed 7 Oct, in the trade-for-trade segment with a pre-open session. NSE bid books: Green Asia 0.98×, Papadmalji 2.46×. R.K. Fashion Accessories closes today at 0.47×. No mainboard equity IPO is open.

Capital Chronicle Desk~4 minDual-layer

60-sec

SME list day (Wed 7 Oct 2026 IST): Two small companies start trading on NSE Emerge this morning, on the same day RBI announces its policy decision (decision-day setup). Per NSE’s listing circulars dated 6 Oct, both trade in the ‘ST’ trade-for-trade series and are part of the pre-open session for IPOs.

Green Asia ImpexPapadmalji Agro Foods
What it doesSources, processes and exports frozen shrimps and dried chillies (Eluru district, Andhra Pradesh)Handmade and machine-made papads, rice papads, moongodi; trades cereal pellets (Bikaner, Rajasthan)
SymbolGREENASIAPAPADMALJI
Issue price (band)₹89 (₹84–89)₹72 (₹69–72)
Lot size1,600 shares1,600 shares
Bidding24 Sep–1 Oct (extended)29 Sep–1 Oct
IssueFresh ₹53.10 crore + offer for sale ₹7.00 croreFresh 25,72,800 + OFS 2,30,400 shares ≈ ₹20.18 crore
NSE bid book (1 Oct, 7:00 p.m.)0.98× — 69.23 lakh shares bid vs 70.58 lakh2.46× — 68.88 lakh vs 28.03 lakh
Shares listed2,13,53,34593,92,388
Value at issue price≈ ₹190 crore≈ ₹67.6 crore
FY26 revenue / profit₹383.80 crore / ₹15.61 crore₹33.53 crore / ₹5.21 crore
RegistrarBigshare ServicesMAS Services

Closing today: R.K. Fashion Accessories (NSE SME, ₹77–82 band, lot 1,600) — bids for 19.90 lakh shares against 42.67 lakh on offer, 0.47×, per NSE’s latest bid data (6 Oct, 5:00 p.m.). Bidding ends today.

No mainboard IPO open: NSE’s current-issue list this morning shows no mainboard equity IPO — apart from R.K. Fashion, only two debt issues. Vishal Nirmiti and Nityas Gems are due to list on or about Thu 8 Oct per their RHP timetables; NSE listing circulars for them had not been published as of this filing.

Takeaway: Small floats, trade-for-trade settlement and an RBI policy announcement land in the same session. Watch the pre-open discovered price. No GMP, no listing-price forecast. Not investment advice.

Analysis

Green Asia Impex — what the RHP shows

  • Business: sourcing, processing and export of frozen shrimps and dried chillies.
  • Numbers (restated, FY26): revenue from operations ₹383.80 crore, up about 13.7% from ₹337.62 crore; profit after tax ₹15.61 crore (FY25 ₹10.35 crore, FY24 ₹6.66 crore).
  • Valuation at issue: about 12× FY26 profit on the listed share count (₹190 crore ÷ ₹15.61 crore) — Capital Chronicle arithmetic, not a company figure.
  • Concentration risk: customers in China made up 31.29% of FY26 revenue (₹120.09 crore). The RHP says the share of dried-chilli revenue from China fell to 32.74% in FY26 from 87.41% in FY25.
  • Capacity: block-freezing utilisation was 54.82% in FY26; IQF (individual quick freezing) 20.00%.
  • The book: bidding was extended to 1 Oct, and NSE’s consolidated bid display closed at 0.98× of the shares on offer. NSE labels the display as bid positions, “not necessarily the subscription to the issue”.

Papadmalji Agro Foods — what the RHP shows

  • Business: a Bikaner-based maker of handmade and machine-made papads, rice papads, “vrat special” papads and moongodi, plus white-label papad manufacturing for other brands and trading of cereal pellets.
  • Numbers (restated, FY26): revenue from operations ₹33.53 crore (+5.6% from ₹31.75 crore); profit after tax ₹5.21 crore, up 10.33% from ₹4.72 crore.
  • Valuation at issue: about 13× FY26 profit (₹67.6 crore ÷ ₹5.21 crore) — Capital Chronicle arithmetic.
  • The book: bids for 68.88 lakh shares against 28.03 lakh on offer — about 2.46× on NSE’s bid display.

R.K. Fashion Accessories — last day

  • Issue: up to 42,67,200 fresh shares, including a market-maker portion of 2,14,400; price band ₹77–82; about ₹35 crore at the top of the band (Capital Chronicle arithmetic).
  • Demand so far: 0.47× overall. NSE’s own price-point data show cumulative bids of 11.86 lakh shares at the ₹82 cap.
  • Lead manager Affinity Global Capital Market; registrar Cameo Corporate Services.

Also on the exchange board

  • Jyoti Resins & Adhesives (registered office in Gandhinagar, Gujarat) is admitted to NSE’s normal market from Thu 8 Oct — 1,20,00,000 shares, symbol JYOTIRES. NSE’s circular lists it as a new listing with no issue price; it is not a public offer.
  • Tuesday’s mainboard debuts closed above issue: SRIT India and Shah Investor’s Home (day-one close).

What to watch today

  1. Pre-open discovered prices for GREENASIA (vs ₹89) and PAPADMALJI (vs ₹72)
  2. R.K. Fashion final bid data after close
  3. NSE/BSE listing notices for Vishal Nirmiti and Nityas Gems (Thu 8 Oct)
  4. RBI’s policy statement and its effect on small-cap risk appetite

Sources

Business. Markets. Money. Free.
Corrections: corrections@capitalchronicle.news

India markets & business. Free.
Not personalized financial advice. Corrections: corrections@capitalchronicle.news