Hunger Nuts parent Adon Agro to raise ₹44 cr via SME IPO at ₹66-70 band
Adon Agro Commodities, owner of Hunger Nuts dry fruits, opens its BSE SME IPO June 29 to raise ₹44 cr via 62.9 lakh shares at ₹66-70. Revenue scaled from ₹22 cr (FY23) to ₹103 cr (FY25), with ₹287 cr in 10M FY26. Proceeds fund working capital across B2B, APMC, modern trade and e-commerce.
What happened
Adon Agro Commodities, owner of Hunger Nuts dry fruits brand, plans to raise ₹44 crore via BSE SME IPO opening June 29 at ₹66-70/share. Proceeds fund working
Key facts
- ₹44 crore
- 62.90 lakh shares
- ₹66-₹70 price band
- June 29 open
- FY23 revenue ₹22 cr
- FY25 revenue ₹103 cr
- 10M FY26 revenue ₹287 cr
- dry fruit sector CAGR 10%
Why this matters
Adon Agro's IPO signals consolidation pressure in branded dry fruits — strategic acquirers and private label players should map Hunger Nuts' channel footprint before the float closes.
What to watch
- Subscription numbers by category on June 29-July 1
- GMP movement in unofficial market pre-listing
- Working capital cycle days disclosed in RHP vs FY25 actuals
- First post-listing quarterly: branded vs commodity revenue split
- Promoter holding and lock-in expiry calendar
- Raw material (almond, cashew, pistachio) global price moves
- Pull RHP to dissect B2B vs branded Hunger Nuts revenue split and gross margins
- Benchmark against listed dry fruit/nut peers (Nutraj, Farmley funding rounds) on EV/sales
- Map distribution claims across modern trade and e-commerce via Nielsen/secondary checks
- Track anchor book composition and QIB vs retail subscription on Day 1-3