Green Asia Impex Ltd IPO: dates, price band, issue size, business, financials, and key risks

Green Asia Impex Limited (symbol: GAIL) is launching an SME initial public offering (IPO) with a price band of ₹85 to ₹90 per share. The IPO opens on 24 September 2026 and closes on 28 September 2026, with listing scheduled for 1 October 2026. The total issue size is ₹60.10 crore, comprising a ₹53.10 crore fresh issue and a ₹7.00 crore offer for sale (OFS). At the upper price band, the minimum application size (lot size of 1,600 shares) is ₹1,44,000.

What the company does and who it sells to

Green Asia Impex Limited sources, processes, and sells/exports frozen seafood and agri-commodities. Its core product is frozen shrimp, and it also deals in products such as dried chillies. The company primarily operates in a business-to-business (B2B) model, supplying customers such as importers, distributors, and food processors across India and several overseas markets.

Because the company sells into export channels and institutional buyers, its operating model emphasises compliance and buyer acceptance. Green Asia Impex highlights in-house quality assurance and quality control (QA/QC), along with export-oriented certifications and registrations including HACCP (Hazard Analysis and Critical Control Points), ISO 22000, FSSAI (Food Safety and Standards Authority of India), and overseas regulatory registrations such as FDA and GACC.

Operating footprint, processing capabilities, and procurement approach

On the processing side, the company operates a shrimp processing unit in Unguturu, Andhra Pradesh. The facility includes block-freezing capability as well as IQF (individual quick freezing), which is typically used for individually frozen pieces and can support different customer formats.

In agri-commodities, Green Asia Impex uses a leased chilli processing facility in Guntur.

For sourcing, the company relies largely on trader and commission-agent networks operating in AMC (Agricultural Market Committee) markets for procurement of raw material. This procurement approach is a key feature of how the company secures supply for processing and trading, and it sits alongside the company’s in-house QA/QC processes intended to meet buyer specifications and regulatory requirements.

IPO structure, reservations, and what happens to the proceeds

The IPO combines a fresh issue and an OFS. Fresh issue proceeds accrue to Green Asia Impex Limited and are proposed to be used for stated corporate objectives. OFS proceeds accrue to the selling shareholders and do not go to the company.

The company has disclosed that it proposes to utilise the net proceeds from the fresh issue (gross fresh issue proceeds less the company’s share of offer-related expenses) towards funding capital expenditure for a proposed seafood processing facility, including purchase and installation of plant, machinery, and equipment, along with general corporate purposes. In the stated use-of-funds details, the capex allocation is quantified at ₹40.03 crore (₹4,002.77 lakhs as cited), while the amount earmarked for general corporate purposes is not specified as a separate figure in the provided table.

Category-wise reservation in the offer is disclosed as 30% for Qualified Institutional Buyers (QIB), 35% for Non-Institutional Investors (NII), and 35% for Retail investors. The offer also discloses an anchor allocation framework within the QIB portion.

Growth plans and milestones linked to the IPO narrative

The stated growth plan around the IPO is centred on scaling shrimp processing capacity and increasing value-added output.

A key project described is setting up an additional shrimp processing facility at Chinnayagudem. As described in the offer context, this expansion is intended to take aggregate shrimp processing capacity from about 10,800 MTPA to about 21,900 MTPA, with commercial operations targeted for Fiscal 2029.

Alongside capacity addition, the company has articulated a direction to increase higher-value formats such as IQF and ready-to-cook products, and to broaden export geographies.

The company’s milestones in the provided context include incorporation in 2014, starting export of shrimp to China in 2021, and conversion from a private limited company to a public limited company in 2025.

Financial trajectory across FY2024 to FY2026

Across the reported financial years, Green Asia Impex has reported increases in total revenue and profit after tax (PAT) from FY2024 to FY2026, alongside a change in total assets between FY2024 and FY2025 and stable reported assets between FY2025 and FY2026. The PAT margin shown in the financial table moves higher across the same period.

The financial trajectory is relevant for tracking how the company’s scale has changed ahead of a capex-led plan and for monitoring how profitability conversion evolves as the business continues to operate across export and domestic B2B channels.

Valuation and KPI context, key risks, GMP, and monitoring points

At the IPO price band, the disclosed KPI set includes EPS of ₹10.10 and a pre-IPO price-to-earnings (P/E) multiple of 8.91 times, along with price-to-book of 6.45 times. The snapshot also reports ROE (return on equity) of 50.16%, ROCE (return on capital employed) of 20.62%, EBITDA margin of 6.14% (treated as a margin percentage), reported PAT margin of 3.07%, and a debt-to-equity ratio of 2.90 times. These metrics are reference points investors commonly use to track operating performance, profitability, returns, and balance-sheet leverage through listing and subsequent reporting periods.

Grey market premium (GMP) observations provided in the snapshot show a GMP of ₹0 (referenced to an issue price of ₹90) on 21 September 2026 and 22 September 2026. GMP is an unofficial indicator and can change. The issue has not opened for subscription as of the snapshot date, and category-wise bidding data is expected to update after the offer opens on 24 September 2026.

Key risks and dependencies highlighted in the provided context include the following:

China concentration risk: China is cited as contributing 31.29% of revenue in the risk note, which implies exposure to market-specific demand, pricing, or policy/regulatory changes before alternative volumes are established in other geographies.

Project execution risk: the proposed new facility is described as depending on pending approvals and equipment orders that are not yet placed in the risk note. Delays or cost overruns could postpone the targeted Fiscal 2029 commercial operations timeline and affect cash flows.

Biosecurity and cold-chain risk: shrimp operations are exposed to biosecurity and disease risks, and the business relies on cold-chain integrity. Disruptions, spoilage, or buyer rejections can affect operations and customer outcomes.

Monitoring points to track (as statements, not forecasts):

Progress on approvals, equipment ordering, and commissioning milestones for the proposed Chinnayagudem facility against the Fiscal 2029 commercial operations target.

Changes in geography mix and customer concentration, including the share of revenue linked to China, as the company pursues broader export geographies.

Movement in product mix toward higher value formats such as IQF and ready-to-cook products relative to block-frozen output, and how this aligns with utilisation.

Working-capital and leverage indicators in relation to the reported debt-to-equity ratio and the company’s procurement reliance on trader/commission-agent networks in AMC markets.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (22 Sep 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.