New Delhi, 03 July (H.S.): Shares of bakery products and snack manufacturer Crazy Snacks made a strong debut on the stock market on Friday, rewarding IPO investors with listing gains. The company's shares were issued at an IPO price of Rs 42 each and were listed on the BSE SME platform at Rs 44, representing a premium of 4.76 percent over the issue price.

Following the listing, buying momentum pushed the stock to its upper circuit limit of Rs 46.20. However, the upper circuit was later breached as selling pressure emerged. By 11:30 a.m., the shares were trading at Rs 44.55, leaving IPO investors with a gain of Rs 2.55 per share, or 6.07 percent, over the issue price.

The company's Rs 31.47 crore initial public offering was open for subscription from June 25 to June 30. The IPO received a moderate response from investors and was subscribed 1.21 times overall. The Qualified Institutional Buyers (QIB) portion was subscribed 4.75 times, while the Non-Institutional Investors (NII) category received 1.08 times subscription. The retail investors' portion was subscribed 1.26 times.

Under the IPO, the company issued 60 lakh fresh equity shares with a face value of Rs 10 each, raising Rs 25.20 crore. Additionally, 15 lakh shares worth Rs 6.27 crore were offered through the Offer for Sale (OFS) route. The proceeds from the fresh issue will be used to purchase new machinery, reduce existing debt, meet working capital requirements, and support general corporate purposes.

According to the Draft Red Herring Prospectus (DRHP) filed with capital markets regulator SEBI, the company's financial performance has strengthened steadily over the years. Crazy Snacks reported a net profit of Rs 3.54 crore in FY2022-23, which increased to Rs 5.32 crore in FY2023-24 and further rose to Rs 6.33 crore in FY2024-25. During the first nine months of FY2025-26 (April to December 2025), the company had already posted a net profit of Rs 6 crore.

The company's revenue also showed overall growth despite some fluctuations. Total revenue stood at Rs 89.17 crore in FY2022-23, increased to Rs 129.08 crore in FY2023-24, and moderated to Rs 111.63 crore in FY2024-25. Between April and December 2025, the company generated revenue of Rs 87.56 crore.

The company's debt position fluctuated during the same period. Outstanding borrowings stood at Rs 48.01 crore at the end of FY2022-23, declined to Rs 45.22 crore in FY2023-24, and rose to Rs 63.26 crore in FY2024-25. During the first nine months of FY2025-26, total debt increased further to Rs 69.91 crore.

Its reserves and surplus also witnessed fluctuations. They stood at Rs 24.59 crore in FY2022-23, increased to Rs 29.41 crore in FY2023-24, declined to Rs 18.75 crore in FY2024-25, and recovered to Rs 24.75 crore during the April-December 2025 period.

Similarly, the company's net worth improved consistently over the years. It stood at Rs 26.43 crore in FY2022-23, rose to Rs 31.25 crore in FY2023-24, increased further to Rs 36.82 crore in FY2024-25, and reached Rs 42.82 crore during the first nine months of FY2025-26.

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Hindusthan Samachar / Jun Sarkar