Adon Agro Commodities, an integrated agro-commodity company, plans to raise ₹44 crore through an initial public offering (IPO) on the BSE SME platform.
The company will issue 62.90 lakh fresh equity shares in the price band of ₹66-₹70 a share. The issue will open for subscription on June 29.
The Mumbai-based company is engaged in the procurement, processing, and marketing of premium dry fruits and nuts under the ‘Hunger Nuts’ brand.
The net proceeds from the fresh issue will be used to fund working capital and general corporate purposes.
Galactico Corporate Services will be the Book Running Lead Manager while KFin Technologies has been appointed as the registrar to the issue.
Narayanswamy Venkitkrishnan, Managing Director, Adon Agro Commodities, said in a bid to ensure quality the company procures goods from key origins such as UAE, Afghanistan, Chile, the United States, and Sri Lanka, across categories like almonds, cashews, walnuts, pistachios, and raisins.
Setting up subsidiary Adon Agro Trading LLC in Dubai was an important step to get closer to international markets and strengthen sourcing, he said.
Jigisha Narayanswamy, Executive Director of Adon Agro Commodities, said one of the most important decisions made by the company was to build its own processing facility at MIDC Mahape, Navi Mumbai.
It allowed the company to take full control of how the products are cleaned, graded, processed and packed, he added.
“We have also build credible dry fruit brand Hunger Nuts accessible across different channels including B2B, wholesale APMC market, modern retail stores and e-commerce platforms,” he said.
Shubham Ratan Sharma, Executive Director, Adon Agro Commodities, said the company’s revenue from operations has grown from ₹22 crore in FY23 to ₹103 crore in FY25, and for the ten-month period ended January, 2026, it was ₹287 crore.
The growth has come from building the right systems, team and customer relationships over time, he said.
Vishal Sancheti, Chief Executive Officer, Galactico Corporate Services, said the Indian dry fruit sector is growing at a CAGR of over 10 per cent.
The company sources products from six countries across the globe, processes it in-house and sells under its own brand Hunger Nuts across retail and digital channels, he said.