Ahmedabad-based company, Stanbik Agro, plans an Initial Public Offering (IPO) in order to expand capacity as well as strengthen the distribution chain for fruits and vegetables. The fund raised by this issue will be utilized towards the expansion of the farm-to-market retail stores operated by the firm as the firm expands its activities since its incorporation in the year 2021. Looking to accelerate the growth pace, the Ahmedabad-based fruits and vegetables supplier Stanbik Agro Ltd, led by the father-son pair Ashok and Chirag Prajapati, has floated an SME IPO worth ₹12.28 Crore as it is set to open 20 new retail outlets in the state of Gujarat.
The offer, which opens on December 12 and closes on December 16, will raise funds that help the company develop its retail network along the farm-to-market model, along with working capital. The company was formed in 2021. “With time, one has to shift and implement new systems if one has to expand their business. The listing will increase our company’s corporate image, name, and provide a marketplace for our Equity Shares in India. Easy financing in case of expansion and diversification of our company’s business can be achieved. Additionally, listing our company triggers interest from institutional and foreign institutional investors,” explained Ashok Prajapati (48) who is also the managing director of the company with only 18 workers.
After the IPO, it is anticipated that the promoter’s share in the company would remain at 68.54 percent as against their current holding of 98.92 percent. The company, under their franchise Stanbik Agro, is presently running approximately seven retail outlets, out of which one is located in the state capital Gandhinagar, while the remaining outlets are situated in Chandranagar, Odhav, Narol, Vejalpur, and Vasna area of Ahmedabad. The operations are conducted using premise leasing from third parties, which include the Registered Office, godowns, agricultural land, together with seven retail outlets. The company plans to employ the IPO proceeds to establish a total of twenty new outlets, of which fifteen are set to be established in Ahmedabad, with the other five proposed in other parts of Gujarat.
The total 20 retail outlets would have an average size ranging from 900 sq.ft. to 1,000 sq.ft. built-up area. “We will open the new retail outlets within a 30 kilometer radius around Ahmedabad. As fruits and vegetables have shorter shelf lives, we have decided to confine our outlets to the areas where our supply chain in Ahmedabad lies. We procure fruits and vegetables from the farm sources and APMCs from Gujarat, Rajasthan, and Maharashtra,” Prajapati explained. In FY 2025, the entity recorded revenue from operations of ₹52.5 crore, registering a growth of 98 per cent from ₹26.5 crore in the previous fiscal. In FY 2025, the net profit of the company stood at ₹3.74 crore. The company operates through advanced retail stores that provide consumers with fruits and vegetables directly.
It also serves the wholesalers, traders, and other businesses that need large amounts of agriculture commodities. It also deals with the supply of its products through various major e-commerce B2B portals. Stanbik has also entered into agreements with some farmers to do the contract farming of agriculture products like sesame seeds, cumin seeds, and cotton.
As of November 30, 2025, the Company has an order book of ₹16 crores, which is made up of confirmed purchase orders received from customers, and this is envisaged to be realized this financial year itself. According to the prospectus, the firm competes aggressively with organized competitors in the form of large agribusiness enterprises, multinational companies, and established supply chains, which enjoy the advantages of modern logistics infrastructure, cold storage chains, and superior distribution networks.
