Vandan Foods Limited IPO Reviews & Analysis (“Best IPOs to Apply in July 2025”)

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Issue Price (Rs.) ---> 115

Issue Amount (Rs.cr.) ---> 28.84

Listing at ---> BSE SME

Lead Manager ---> nirbhay capital

Price	₹115 - ₹115
Premium	₹20
Lot size	1200
Allotment	Jul 3, 2025
Listing	Jul 7, 2025

Last updated on 30-Jun-2025 14:54:15

Category	Offered	Applied	Times
HNIs	1254000	2400	0
Retail	1254000	541200	0.43
Total	2508000	543600	0.22
Total Applications: 454

Category	Lot(s)	Qty	Amount	Reserved
Retail (10000 to 2 lakh)	1	1200	138000	1045
HNI (2 lakh to 5 lakh)	2	2400	276000	1045

IPO Reservation

Investor Category	Shares Offered	No. of Shares
Retail	47.5%	1254000
Other	47.5%	1254000
Market Maker	5.00%	132000
Total No. of Shares	100.0%	2640000

Vandan Foods IPO Details

Issue Size	26,40,000 shares (aggregating up to ₹30.36 Cr)
Fresh Issue	26,40,000 shares (aggregating up to ₹30.36 Cr)
Issue Type	Fixed Price IPO
Listing At	BSE SME
Share Holding Pre Issue	57,44,800 shares
Share Holding Post Issue	83,84,800 shares
Market Maker's Portion	1,32,000 Shares
Market Maker	After Trade Broking

Key Performance Indicator (KPI)

KPI	Dec-24	Mar-24	Mar-23
ROE	38.64%	45.41%	60.39%
ROCE	24.20%	37.33%	33.42%
D/E	0.99	-	0.18
RONW	32.38%	27.92%	29.54%
EPS (Diluted)	7.9	4.64	1.32
P/E Pre IPO		24.98
P/E Post IPO	15.94

Company Financials In Crores

Period	Dec 2024	Mar 2024	Mar 2023	Mar 2022
Assets	31.69	12.12	4.74	4.20
Revenue	72.66	48.73	11.59	1.61
Profit	4.54	2.64	0.64	-0.11
EBITDA	6.92	3.65	0.99	-0.08
Net Worth	14.01	9.47	2.18	-0.05
Reserves	8.26	6.60	2.04	-0.06
Borrowing	13.89		0.39	3.45

About Company

📌 About the Company

Founded in 2015, [Company Name] is a fast-growing castor oil and agro-product manufacturer based in Dhinoj, Patan, Gujarat. With two manufacturing units, a dedicated team of 16 professionals (as of Dec 31, 2024), and a presence in both B2B and B2C markets, the company is committed to delivering high-quality, eco-friendly solutions.

 Leading Castor Oil Manufacturer in Gujarat (Dhinoj, Patan)

🛍️ Core Products

1. ✅ Refined F.S.G. Castor Oil

Applications:
Used in lubricants, paints, pharmaceuticals, cosmetics, textiles, and more.

Health Benefits:

Naturally relieves constipation

Promotes hair growth and skin rejuvenation

Quality Standards:

Grade: First Stage Grade (F.S.G.)

Processing: Refined and bleached for maximum purity and low acid value

2. 🌿 Castor De-Oiled Cake (DOC)

Use:

100% natural fertilizer, rich in nitrogen, phosphoric acid, and potash

Benefits:

Boosts soil microbial activity

Acts as a sustainable alternative to chemical fertilizers

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🌐 Market Reach

The company distributes products across major Indian states including:

📍 Gujarat, Haryana, Andhra Pradesh, Delhi, Bihar, Rajasthan, and Telangana

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💰 IPO Proceeds Utilization (Key Focus Areas)

31.3% – Working Capital: Scaling production and market presence

30.3% – CAPEX: Expansion of Dhinoj facility to increase manufacturing capacity

11% – Debt Repayment: Reducing financial liabilities to improve margins

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✅ Strengths of the Company

Experienced Promoters with deep industry knowledge

Strict Quality Control to ensure consistency and reliability

Diversified Customer Base across B2B and B2C segments

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⚠️ Weaknesses / Risks

Customer Concentration: Heavy dependence on a few major clients

Raw Material Dependency: Limited supplier base may impact operations

Regional Risk: Core operations are concentrated in Gujarat

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📈 Why [Vandan Foods Limited] is a Strong IPO Prospect

With strong fundamentals, a proven product line, and plans to scale via IPO proceeds, [Company Name] is well-positioned in the castor oil market in India. Its focus on quality, sustainability, and expansion makes it a company to watch in 2025.