About SeedWorks International IPO
SeedWorks International IPO Details
SeedWorks International IPO is a 100% book-built issue, consisting of 5.19 crore equity shares, entirely an offer for sale (OFS), with a face value of ₹2 per share. The company filed its DRHP with SEBI on February 11, 2025.
The price band and official dates of subscription and listing will be announced by the company later, but the shares are supposed to be listed on the BSE and the NSE platforms. The book-running lead managers of the issue are Equirus Capital Private Ltd., DAM Capital Advisors Ltd. and SBI Capital Markets Ltd., while the registrar to the issue is KFin Technologies Ltd.
SeedWorks International IPO Date & Timeline
SeedWorks International Ltd. officially filed its Draft Red Herring Prospectus (DRHP) on February 11, 2025. However, the specific SeedWorks International IPO date and subscription timeline remain unannounced. Following regulatory approval, the company will finalise the price band and bidding dates. Once cleared, the schedule for anchor allotment, public bidding and the final listing on the exchange will be formally disclosed.
SeedWorks International IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
SeedWorks International IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 2 per Equity Share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Offer For Sale |
| Total Issue Size | Up to 5,19,70,282 Equity Shares |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | - |
| Offer for Sale | Up to 5,19,70,282 Equity Shares |
| Net Offered to Public | - |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 100 % (held by Promoter and others) |
| Share Holding Post Issue | - |
SeedWorks International IPO GMP (Grey Market Premium)
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The SeedWorks International IPO GMP is currently trading at ₹[.], reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹[.], which is [.]% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
Company Background
SeedWorks International Ltd. was incorporated on November 5, 2008, in Hyderabad, as a private limited company and then the company transformed from a private to a public limited company on November 9, 2024, to proceed with the public listing procedure.
The registered and corporate office of the company is situated in Medchal Mandal, Telangana. This is a seed research and development company engaged in research, production and marketing of hybrid seeds for rice, cotton, pearl millet, mustard, vegetables and fruits and open-pollinated variety seeds for rice, mustard and wheat.
Operations & Product Range
The basic functions of SeedWorks International Ltd. include researching, developing and marketing superior quality hybrid seeds. These products cater mainly to the most essential cereal and row crops such as rice, cotton, pearl millet, mustard and vegetables. The main objective of the company is to work with third parties, who operate the seeds with chemicals and then they sell the final product in the market under its brand name.
Facilities & Capacity
To support its specialised operations, SeedWorks has established a strong infrastructure network. The operational footprint includes dedicated research and development facilities. The company operates a pathology laboratory in Bengaluru, Karnataka and an R&D entomology laboratory in Hyderabad, Telangana. Moreover, to enhance its biotechnology capabilities, SeedWorks maintains two biotechnology laboratories, strategically located in Hyderabad and internationally in Singapore. This infrastructure allows the company to conduct extensive research, ensuring product viability and performance.
Brands & Market Presence
The market presence of SeedWorks International Ltd. is anchored by its industry-leading investments in research and development. The company is recognised as one of the few entities capable of sourcing foundation seeds directly from innovators, distinguishing its brand. While the company has a strong domestic footprint serving Indian farmers, its market exposure also extends to international jurisdictions, contributing to a diversified operational base.
Revenue Streams & Business Model
SeedWorks International Ltd. generates its primary revenue through the sale of hybrid seeds across its diverse crop portfolio. A portion of the company's revenue is also derived from international markets, for FY24 revenue was ₹134 crore, which was about 25.6% of the total, adding geographic diversification.
Financially, the company has demonstrated a focus on operational efficiency; its Adjusted EBITDA margins for FY24 was 13.25% have shown improvement due to targeted cost optimisation strategies. The revenue model is, however, inherently linked to agricultural cycles.
Management & Shareholding
The primary promoter of SeedWorks International Ltd. is True North Fund V LLP. Before the IPO, the promoters held 77.56% of the company, but after the IPO, the promoters' shareholding will be diluted as the offering contains OFS shares via existing shareholders, to give them a smooth exit from the company.
Board & Key Management
The leadership of SeedWorks International Ltd. is led by a team of experts with many years of experience. Kaundinya Vinnakota Ramachandra serves as the Chairman and gives strategic direction to the firm. The daily operations are managed by Dr Venkatram Vasantavada, the Managing Director & CEO, along with Whole-Time Directors. To ensure good governance, the board includes Independent Directors Ruchira Roy and Vijayaraghavan Kannan for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
SeedWorks International IPO Financial Information
Latest Revenue
417.27
₹ Crore
Profit After Tax
70.25
₹ Crore
Net Worth
159.43
₹ Crore
Total Borrowing
73.22
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2024 | 420.68 | 417.27 | 70.25 | 159.43 | 135.87 | 73.22 | |||
| 31 Mar 2024 | 597.76 | 527.17 | 4.95 | 89.14 | 65.94 | 103.99 | |||
| 31 Mar 2023 | 418.32 | 489.93 | 5.37 | 83.42 | 60.17 | 93.61 | |||
| 31 Mar 2022 | 377.10 | 460.84 | 24.34 | 77.20 | 51.70 | 77.05 | |||
| Amount in ₹ Crore | |||||||||
SeedWorks International Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 5.68% |
| ROCE | 10.30% |
| Debt/Equity | 0.88x |
| RoNW | 5.74% |
| PAT Margin | 0.90% |
| EBITDA Margin | - |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 5.74 (basic) 5.49 (diluted) | - |
| P/E (x) | - | - |
SeedWorks International IPO Objectives
The company won’t receive any proceeds from the listing as it is entirely an offer for sale (OFS), but the key objectives of the company from this listing are:
- • To give a smooth exit to the existing shareholders.
- • To achieve the benefits of listing the equity shares on the stock exchanges.
SeedWorks International IPO Review
The SeedWorks International Ltd. holds a distinct space in the hybrid seeds market, focusing on essential crops like rice and cotton. Its deep investments in research infrastructure, particularly its biotech labs in Singapore and India, provide a solid foundation for continued product innovation in a market that constantly demands higher yields.
Financially, the company has shown a growing and healthy financial statement, as the revenue from operations was reported at ₹522.68 crore and PAT was reported at ₹4.95 crore. But, above 85% of revenue from operations was generated from the top 10 states, which might show up as a concern for the potential investors.
However, the business model is naturally exposed to climatic risks, fluctuations in raw material availability and strict regulatory standards. Overall, the IPO review represents an opportunity for potential investors, but the positive result of listing largely depends on how the market prices and future growth track.
Conclusion
The SeedWorks International IPO presents an opportunity to participate in the Indian agricultural inputs and biotechnology sector. The company’s established R&D capabilities and focus on crucial cereal and row crops provide a steady operational base. While the industry opportunity remains vast due to the continuous need for agricultural productivity, the company's execution will depend on navigating environmental variables and regulatory frameworks.
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Competitive Strengths
Advanced R&D Infrastructure backed by advanced biotechnology and pathology laboratories in India and Singapore.
Positioned as one of the few companies capable of sourcing foundation seeds directly from innovators, enhancing its product development pipeline.
The business exhibits a focus on cost optimisation, contributing to improvements in Adjusted EBITDA margins over recent periods.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | SEBI/Exchange approval received | 04/07/2025 | - |
| 2 | Filed with SEBI/Exchange | 17/02/2025 | View DRHP |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | — | ₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | — | Up to ₹200,000 |
| S-HNI (Min) | 14-15 | — | Over ₹200,000 |
| S-HNI (Max) | 66-70 | — | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | — | Over ₹10,00,000 |