Ahmedabad-based fresh fruits and vegetables supplier Stanbik Agro Ltd, led by Ashok and Chirag Prajapati, has launched a ₹12.28 crore SME IPO aimed at accelerating its growth and supporting plans to open 20 new retail outlets across Gujarat. The IPO, which opened on December 12 and will close on December 16, is intended to fund the expansion of the company’s farm-to-market retail network and address working capital needs as Stanbik scales up operations since its establishment in 2021.
Managing Director Ashok Prajapati, 48, emphasized the necessity of adapting systems for business expansion, stating, “With time, one needs to change and set up new systems if one needs to expand the business. The listing will enhance our company’s corporate image, brand name, and create a public market for its equity shares in India. It will also make future financing easier and more affordable in the case of expansion or diversification of the business.” He added that listing is likely to attract interest from both institutional and foreign investors. Following the IPO, promoter holding is expected to decrease from 98.92 percent to 68.54 percent.
Currently, under the Stanbik Agro banner, the company operates seven retail outlets, including one in Gandhinagar and others in various localities of Ahmedabad such as Chandranagar, Odhav, Narol, Vejalpur, and Vasna. The business operates from leased premises that include its registered office, godowns, agricultural lands, and the seven retail locations.
The funds raised through the IPO will facilitate the establishment of 20 new outlets, with plans for 15 in Ahmedabad and five in other regions of Gujarat. These outlets will average between 900 and 1,000 square feet in size. Prajapati noted, “We plan to set up the new retail outlets within a 30-kilometer radius of Ahmedabad. Since fruits and vegetables are perishable, we want to restrict ourselves to a network closer to our supply chain in Ahmedabad.” The company sources these products from farmers and APMCs in Gujarat, Rajasthan, and Maharashtra.
For FY 2025, Stanbik Agro reported a revenue of ₹52.5 crore, marking a 98 percent increase from ₹26.5 crore the previous year. The net profit for the same period was ₹3.74 crore. The company utilizes modern retail channels to deliver fresh produce directly to consumers while also serving wholesalers, traders, and businesses requiring bulk quantities. Additionally, it supplies products through large e-commerce B2B platforms.
Stanbik Agro has entered into contracts with certain farmers for agricultural products such as sesame, cumin, and cotton. As of November 30, 2025, the company holds an order book amounting to ₹16 crore, consisting of confirmed purchase orders expected to be fulfilled within the current financial year.
The company’s prospectus highlights the intense competition it faces from established agribusinesses, multinational corporations, and well-entrenched supply chains that benefit from advanced logistics, cold storage facilities, and superior distribution networks.
Published on December 13, 2025.
