Sri Priyanka Geo Commex Ltd (SPGCL), a Chennai-based diversified commodities company engaged in the supply of barite, fluorspar, copper cathodes and manufacturing of rice bran oil, plans to launch its ₹94.5-crore initial public offering (IPO) on the NSE Emerge platform on Wednesday, June 24. The company is promoted by Nuthalapati Venkata Sai Shiv Prasad and his family members Nuthalapati Ravi kumar and Nuthalapati Srikrishna and Nuthalapati Veera Vikram.
The IPO, entirely a fresh issue of up to 44.58 lakh shares, comes at a price band of ₹207-212 a share. The issue will close on June 29. At the upper end of the price band, the company will command a post-issue market capitalisation of about ₹344 crore.
The funds are to strengthen working capital, repay debt and support the expansion of its overseas operations, according to the Red Herring Prospectus.
Of the IPO proceeds, ₹47 crore will be invested in wholly-owned Singapore subsidiary Geo Min Commodities Pte Ltd for working capital requirements, ₹16.5 crore will fund working capital needs of the parent company and ₹10 crore will be used towards repayment or prepayment of borrowings. The remaining funds will be used for general corporate purposes.
Post listing, promoters will hold 72.54 per cent of the company’s equity, while public shareholders will own 27.46 per cent, says the prospectus.
Founded in 1990 as an edible oil processor, SPGCL has transformed into a global commodities-focused group – with operations spanning India, Morocco and Singapore.
Over the past decade, it diversified into critical minerals including barite, fluorspar and copper cathodes, leveraging subsidiaries in Morocco and Singapore to build an international supply chain network.
The company reported revenue from operations of ₹248 crore and profit after tax of ₹18 crore for the nine months ended December 2025. Copper cathode contributed 44.4 per cent of revenue, followed by barite and fluorspar at 29.2 per cent and rice bran oil and by-products at 12.1 per cent.
Revenue in FY27 will be substantially higher due to the mining operation in Morocco, said a company official.
SPGCL supplies minerals to customers across the US, Germany, Oman, UAE, Singapore, China and Suriname, and has secured long-term contracts for barite and fluorspar supplies. The company sold over 70,700 tonnes of barite and 4,066 tonnes of fluorspar during the nine months ended December 2025, while copper cathode sales stood at 1,203 tonnes, the prospectus says.
A key growth driver for the company is its backward integration strategy in Morocco. SPGCL recently secured permits for barite and copper mining assets in the country and is setting up a beneficiation plant expected to commence commercial production from July 2026.
The company estimates the Moroccan barite mining asset contains about 0.75 million tonnes of ore and believes captive mining will help reduce procurement costs and improve margins over the long term, the prospectus said.