Green Asia Impex IPO
Green Asia Impex IPO is an SME IPO raising ₹60 Cr at ₹84 – ₹89 a share. It listed on 7 Oct 2026 at ₹89, 0.0% against its issue price of ₹89, and trades at ₹68 today (−23.7% since issue). It was subscribed 1.42× in total.
Just covered — bids slightly exceed the shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Green Asia Impex Limited sources, processes and exports frozen seafood and agri-commodities, with a focus on frozen shrimps and dried chillies. It sells B2B to importers, distributors and food-processing entities in India and overseas. The company was incorporated in 2014 and is headquartered in Tadepalligudem, Andhra Pradesh, and is recognised as a Two Star Export House by India's DGFT. (Amounts in the text are in lakhs; 1 crore = 100 lakhs.)
How it earns
Revenue comes from selling processed frozen shrimps (Vannamei, Black Tiger, Freshwater) in formats such as HOSO, HLSO and Peeled & Deveined, and from trading whole and stemless dried chillies (Teja, Bydagi, Guntur Sannam); a small share comes from third-party processing services and ancillary operating income (cold-storage rent, processing charges, customs duty drawback, RoDTEP/MEIS scrip sales).
Who buys
B2B importers, distributors and food-processing entities across India and seven export countries (China, Kuwait, USA, Malaysia, UK, Vietnam, Thailand). No customers are named individually; the top 10 customers accounted for 68.54% of total revenue in FY26 (top customer alone 15.30%, top three ~36.8%), 57.66% in FY25 and 67.56% in FY24. SG Exports was a related-party customer through FY25 (25.24% of revenue in FY24, 12.26% in FY25). Repeat customers contributed 73.95% of revenue (50.82% by count) in FY26.
Scale
Total revenue from operations: 383.80 crore in FY26 (337.62 cr in FY25; 317.39 cr in FY24; 1 crore = 100 lakhs). One operating shrimp processing facility at Unguturu (~1,838.76 sqm built-up area, 10,800 MTPA installed) and a leased dried-chilli processing facility in Guntur district (~150 km from HQ); a new ~4,955.69 sqm shrimp facility at Chinnayagudem Village is planned (capex ~40.03 cr from Fresh Issue proceeds) to lift total shrimp capacity to ~21,900 MTPA, with commercial operations targeted for FY29. Exported to 7 countries; 61 total customers in FY26 (31 repeat).
What it says sets it apart
- Shrimp processing facility at Unguturu, Tadepalligudem with installed capacity of 7,200 MTPA block-freezing + 3,600 MTPA IQF (10,800 MTPA total), holding HACCP, ISO 22000, FSSAI, FDA and GACC certifications for export compliance.
- High customer stickiness: 73.95% of FY26 revenue from repeat customers and 83.28% in FY25, built over a decade of operation.
- 100% of raw-material procurement routed through a trader-cum-commission agent network in Agricultural Market Committee markets, providing continuity through seasonal peaks.
- Diversification across two product segments with offsetting seasonality: shrimp peak Oct-Jul, dried chillies peak Jan-Apr, smoothing procurement and processing activity through the year.
- In-house QA/QC laboratory equipped for physical, chemical and microbiological testing, with external accredited labs used only for specialised tests.
Revenue mix
The prospectus gives overlapping breakdowns here, so the shares are not shown.
The numbers at a glance
The price they’re asking →Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated consolidated). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹384 Cr+14% | ₹16 Cr+51% | 4.1% | ₹41 Cr | ₹99 Cr |
| FY2025 | ₹338 Cr+6% | ₹10 Cr+55% | 3.1% | ₹26 Cr | ₹75 Cr |
| FY2024 | ₹317 Cr | ₹7 Cr | 2.1% | ₹15 Cr | ₹64 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
185 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14 risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by Indorient Financial Services Limited — median −21.5% across the 10 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 12 Nov 2026.
What to watch
- The register's top risk: Top ten customers accounted for 77.85% of revenue (prospectus page 34).
- Its cohort's record: median −2.7% since issue price, 51.9% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track GREEN ASIA IMPEX LIMITED
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.