Crazy Snacks Summary
The nature of business operation is production of bakery items and variety of snacks such as namkeens, chips, popcorn, and potato sticks. Established in 1995, Crazy Snacks Limited produces their products in three brand categories which are Crazy (budgetary snacks and bakery items), Bity (high-end cakes, breads, and buns), and Baked Gold (high-end cookies and rusks), to cater to the tastes of different consumers. The company produces more than 140 products ranging from ₹2 to ₹150, trying to combine the traditional flavors with modern ones. The company mainly operates in the North India region (97% revenue share comes from Uttar Pradesh and Bihar), with two factories and a network of 999 distributors and 35 vehicles spread across North India. Products include Rusks, Cookies, Breads & Buns, Cakes, Chips, and Namkeen. As of November 30, 2024, the total number of employees of the company is 225.
Talking about the process involved in conducting business, the company conducts manufacturing processes in its two units for bakery products and snacks. The company serves its customers in North India owing to the wide distribution network maintained by the company. There is going to be a stable flow of income since the company has a diverse range of product lines, quality management system, offerings in all price categories, packaging and distribution in-house and operations in the fast-growing packaged foods industry.
Crazy Snacks Ltd.'s BSE SME book-built issue, wherein the face value per share is ₹10 and the price band per share is ₹39.00-₹42.00 per share. The size of the issue is ₹31.47 Cr, out of which the size of the fresh issue is ₹23.61 Cr (new issue), the offer for sale is ₹6.28 Cr and Market Maker portion is ₹1.59 Cr. The issue is divided into QIB (maximum 50% of net issue), NII (maximum 15% of net issue) and Retail Investors (minimum 35% of net issue), and tentative listing of the stock is on BSE SME on 3rd July 2026.
Crazy Snacks IPO Details:
Crazy Snacks Limited Issue Management:
Inventure Merchant Banker Services. Ltd. acts as the book-running lead manager for Crazy Snacks BSE SME IPO, managing underwriting and compliance.
Crazy Snacks Limited IPO RTA (Registrar) Details:
Kfin Technologies Ltd. handles allotment, refunds, and demat credits - contact at 04067162222, 04079611000 or csl.ipo@kfintech.com.
Crazy Snacks Limited IPO Allotment Status:
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Visit the Kfin Technologies Ltd. IPO Application Status page.
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Select and enter PAN, Application Number, DP/Client ID, or Account Number/IFSC.
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Crazy Snacks BSE SME IPO totals ₹31.47 Cr, comprising a fresh issue of ₹23.61 Cr, offer for sale of ₹6.28 Cr, and ₹1.59 Cr reserved for the market maker. The face value is ₹10 per share and the price band is ₹39.00–₹42.00 per share (book-built issue on BSE SME).
Crazy Snacks Limited IPO proceeds from the fresh issue will be deployed towards:
Crazy Snacks IPO offers 75,70,999 equity shares (total issue ₹31.47 Cr).
The anchor bidding for Crazy Snacks Ltd. BSE SME IPO is scheduled one working day before the issue opens on 25th June 2026 (i.e., 24th June 2026). Anchor investors will be allotted shares from the QIB portion (within the overall QIB tranche of ≤50% of net issue). As per SME IPO structure, the QIB portion accounts for not more than 50% of the net issue size.
Lock-in: If any anchor allocation exists, it follows standard SME IPO norms, where 50% of the anchor shares are locked in for 30 days and the remaining 50% for 90 days from the listing date. The issue is scheduled to list on 3rd July 2026 on BSE SME.
The anchor allocation details and investor list will be disclosed in the anchor book before the IPO opening (if any anchor investors are allocated). Inventure Merchant Banker Services is the Book Running Lead Manager (BRLM) to the issue, and the registrar for the IPO is Kfin Technologies Ltd.
Crazy Snacks Ltd. has demonstrated steady performance over the past three years.
Profit generated by Crazy Snacks Ltd. is through manufacturing of bakery items and snacks (Rusks, Cookies, Breads & Buns, Cakes, Chips, Namkeen) under brands Crazy, Bity, and Baked Gold, catering to customers across North India.
Considering the financial performance of the company, the company has demonstrated inconsistent financial performance considering the Total Income of ₹77.97 crore in FY22, ₹89.17 crore in FY23, ₹129.08 crore in FY24, and ₹26.03 crore in Jun 2024. Also, the PAT of the firm increased from ₹2.11 crore in FY22 to ₹3.54 crore in FY23 to ₹5.32 crore in FY24 and ₹1.28 crore in Jun 2024. Considering the profitability, margins have been moderate as the PAT margin was 4.17% (Mar 2024). ROE and ROCE of the company are 17.08% and 14.16%, respectively (Mar 2024). RoNW is 17.08% (Mar 2024). Coming to the net worth of the company, the net worth increased from ₹19.49 crore in FY22 to ₹26.30 crore in FY23 to ₹31.12 crore in FY24 to ₹32.40 crore in Jun 2024 (~1.7x increase from FY22).
Action Links:
To apply for Crazy Snacks Limited IPO, open a demat account here
Crazy Snacks Limited IPO Subscription Status: Check live subscription here
Crazy Snacks Limited IPO GMP Update: Check latest grey market premium here
Crazy Snacks Key Highlights:
Crazy Snacks Ltd is engaged in production of bakery items and diverse snacks (namkeens, chips, popcorn, potato sticks) under three brands: Crazy (affordable), Bity (premium cakes/breads/buns), and Baked Gold (premium cookies/rusks).
The advantages of this business include a diversified product range (more than 140 products), product quality, inclusive product offering for all price levels (₹2-₹150), internal packaging and distribution, 999 distributors and 35 vehicles in North India, two manufacturing units and 225 employees (Nov 2024). This company operates mainly in Uttar Pradesh and Bihar states (97% income).
At present, the company has an unstable financial performance as Total Income increased from ₹77.97 crore (FY22) to ₹89.17 crore (FY23) to ₹129.08 crore (FY24) (~1.65x growth), whereas for June 2024, the number stands at ₹26.03 crore (probably quarterly). Profit after Tax demonstrated growth from ₹2.11 crore (FY22) to ₹3.54 crore (FY23) to ₹5.32 crore (FY24) (~2.5x growth from FY22). The margins are moderate with PAT margin being 4.17% (Mar 2024). Return on Equity and Return on Capital Employed are moderate at 17.08% and 14.16% (Mar 2024). The net worth increased from ₹19.49 crore (FY22) to ₹31.12 crore (FY24) (~1.6x growth). Nevertheless, the dilution of promoters' interest is exceptionally high at 25.29% (from 76.14% to 50.85% post-IPO), high debt-to-equity at 1.45% (actually 145% - debt ₹49.21 Cr vs equity ₹32.40 Cr), and June 2024 income appears anomalous (₹26.03 Cr vs ₹129.08 Cr annual).
Crazy Snacks Risk Factors:
The risks of Crazy Snacks Limited IPO are mentioned below:
Dependence on Packaged Foods & North India Market: Dependence on packaged foods industry and North India (UP, Bihar = 97% revenue). Lack of diversification geographically exposes companies to concentration risk.
Price Variability of Important Raw Material Inputs: Dependence on wheat, oil, packaging materials. Any variation in price of such commodities would lead to an impact on profitability.
Food Safety Regulation Risks: Food production involves food safety regulation (FSSAI), failure to comply may pose risk.
Risks Associated With Liquidity of Listings of SME in BSE: Listing in BSE SME with issue size of ₹31.47 Cr and market capitalization of ₹104 Cr carries liquidity risks.
High Level of Leverage: Leverage ₹49.21 Cr (Jun 2024) against net worth ₹32.40 Cr = 1.45x (145%) debt to equity ratio — very high level of borrowings.
Risk to Promoters' Stake due to Dilution after IPO: After IPO, promoter's shareholding would reduce by 25.29% from 76.14% to 50.85%.
Capex Execution Risk: Suggested Capex for machinery and infrastructure upgrade worth ₹9.92 Cr is susceptible to capacity and return on investment risk.
Moderate Profit Margins: Profit after tax margin of just 4.17% indicates moderate margins compared to competitors and is also sensitive to rising cost.
Inconsistency in Jun 2024 Income Data: Total income of ₹26.03 Cr in Jun 2024 against ₹129.08 Cr in Mar 2024 points towards inconsistency in data.
Concentrated Revenue: Over 97% revenue is contributed by UP & Bihar alone; lacks geographic diversification.
Small Workforce: 225 people (Nov 2024) in total, indicating difficulty in scaling operations.
Competitive Packaged Foods Industry: Competition is strong in the form of Anjani Foods and Annapurna Swadisht.
Crazy Snacks Expert Analysis:
Crazy Snacks's BSE SME IPO is a book-built issue with a price band of ₹39.00–₹42.00 per share (face value ₹10). The total issue size is ₹31.47 Cr, comprising a fresh issue of ₹23.61 Cr, offer for sale of ₹6.28 Cr, and ₹1.59 Cr reserved for the market maker. The IPO structure follows standard SME norms: QIB ≤50%, NII ≤15%, Retail ≥35%, with Market Maker 5% firm. Tentative listing on BSE SME on 3rd July 2026.
Basic details of the IPO:
Type of IPO: Book‑built SME IPO (BSE SME)
Uses of funds: Capex for machinery & infrastructure (₹9.92 Cr), Repayment of borrowings (₹5.71 Cr), General corporate purposes (₹7.98 Cr)
IPO Timeline: Opens 25th June 2026 | Closes 30th June 2026 | Allotment 1st July 2026 | Listing 3rd July 2026 (BSE SME) | Anchor bidding 24th June 2026
Lead Manager: Inventure Merchant Banker Services | Registrar: Kfin Technologies Ltd.
Expert View on the IPO:
The specialized entity is engaged in manufacturing bakery products and different kinds of snacks (Rusks, Cookies, Breads, Cakes, Chips, Namkeen) under the following brand names – Crazy, Bity, Baked Gold in North India (97% from UP & Bihar) having 140+ products ranging between ₹2-₹150, 999 distributors, 35 vehicles, 2 manufacturing facilities and 225 employees. The company has good financial performance with PAT growth (~2.5x from FY22 to FY24), decent margins (PAT 4.17%), decent ROE (17.08%) and ROCE (14.16%), as well as modest growth in net worth (~1.6x from FY22). The stock of the company has the following ratios: P/E of ~23.16x (before IPO) (calculated based on the EPS of ₹2.96 and the price of ₹42) and RoNW of 17.08%. As far as the comparison with the competitors within the sector of packaged foods (Anjani Foods Ltd: P/E 67.9x, RoNW 8.53%; Annapurna Swadisht: P/E 48.86x, RoNW 11.46%), the stock of Crazy Snacks has less P/E (~23x instead of 48-68x) and higher RoNW (17.08% instead of 8.53%, 11.46%). But there are some serious problems with the following aspects: extremely high promoter dilution (25.29% from 76.14% to 50.85%), high debt-to-equity (1.45x = 145%), moderate PAT margin (4.17%), limited geographic presence (97% from UP & Bihar), data anomaly in Jun 2024 income, small team (225 employees), and capex execution risk.
Should you invest in Crazy Snacks?
An investor looking for a small-cap packaged foods company listed on SME board, with 140+ products across affordable to premium segments, steady PAT growth (~2.5x from FY22), better RoNW (17.08%) than peers, and exposure to India's growing snacks/bakery sector might find the IPO interesting ONLY IF comfortable with extremely high promoter dilution (25.29%), high leverage (145% debt-to-equity), moderate margins (4.17% PAT), limited geographic diversification (97% North India), data inconsistency, small team, and SME liquidity constraints. Generally use caution due to high promoter dilution, high debt, and moderate margins.
Consider investing when:
Your exposure to branded food products (bakery products, snacks, namkeens, chips, popcorn) with 140+ product varieties at different price points (₹2 to ₹150), distribution in 999 distributors, and exposure to North Indian markets with higher RoNW (17.08%) compared to others is essential, and you are okay with high promoter dilution (25.29%), high leverage (145%), moderate margin (4.17%), restricted geographic presence, and SME risks.
You feel there will be substantial demand growth for packaged foods/snacks in North India.
You are sure that management will utilize the funds from the IPO to pay capex (₹9.92 Crores) and reduce debts (₹5.7
Do not invest when:
The businesses where you should invest will have less debt, higher margins, lower dilution from promoters, and good geographical diversification.
You are skeptical about high dilution of promoters (76.14% to 50.85%), high leverage (145% D/E), PAT margin of 4.17%, and small market coverage.
High debt, dilution of promoters, and data anomaly do not fit you.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is for informative purposes and not investment advice.
Action Links:
To apply for Crazy Snacks Limited IPO, open a demat account here
Crazy Snacks Limited IPO Subscription Status: Check live subscription here
Crazy Snacks Limited IPO GMP Update: Check latest grey market premium here
1. What is the Crazy Snacks Limited IPO open and close date?
Crazy Snacks BSE SME IPO opens on 25th June 2026 and closes on 30th June 2026. The tentative listing date on BSE SME is 3rd July 2026.
Track Crazy Snacks Limited IPO subscription status live here from Finnpick.
2. What is the Crazy Snacks Limited IPO price band and lot size?
The IPO is a book-built SME issue with a price band of ₹39.00–₹42.00 per share (face value ₹10). The minimum bid for retail investors is 6,000 shares (2 lots), with subsequent bids in multiples of 3,000 shares. Minimum investment is ₹2,52,000.
3. What is Crazy Snacks Limited IPO total size?
The total issue size is ₹31.47 Cr, comprising a fresh issue of ₹23.61 Cr, offer for sale of ₹6.28 Cr, and ₹1.59 Cr reserved for the market maker (5% firm reservation).
4. How to apply for the Crazy Snacks Limited IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or apply ASBA by June 30, 4 PM. Monitor Crazy Snacks Limited IPO subscription tracker here. Ensure your demat account is active and UPI mandate is approved before the closing time.
5. How to check Crazy Snacks Limited IPO Allotment Status?
The allotment date is on 1st July and can be checked on Kfin Technologies Ltd. RTA portal using PAN/DP ID.
6. What is Crazy Snacks Limited IPO GMP today and subscription status?
Current Grey Market Premium (GMP) stands at ₹0 as of June 22, indicating listing at the price range of ₹42 - check daily updates of Crazy Snacks Limited IPO GMP trends here and live subscription status here from June 25th opening only on Finnpick.
7. What does Crazy Snacks Limited specialize in?
Crazy Snacks is engaged in production of bakery items and diverse snacks (namkeens, chips, popcorn, potato sticks) under three brands: Crazy (affordable snacks/bakery), Bity (premium cakes/breads/buns), and Baked Gold (premium cookies/rusks). Offers 140+ products priced ₹2-₹150. Incorporated in 1995. 225 employees (Nov 2024). Two manufacturing facilities, 999 distributors, 35 vehicles across North India (97% revenue from UP & Bihar).
8. When is the Crazy Snacks Limited IPO listing date?
The IPO is scheduled to list on BSE SME on 3rd July 2026, subject to final confirmation. Basis of allotment is tentatively on 1st July 2026, with refunds and demat credits around 2nd July 2026.
9. What are the Crazy Snacks Limited IPO proceeds utilization details?
The IPO proceeds will primarily be utilized towards: Capex for machinery & infrastructure enhancement: ₹9.92 Cr, Repayment of borrowings: ₹5.71 Cr, General corporate purposes ₹7.98 Cr
10. Who are the promoters of Crazy Snacks Limited?
The promoters are Navin Kumar Agarwal and Upma Agrawal. Pre-IPO promoter holding is 76.14%, which will dilute to 50.85% post-IPO (25.29% dilution) — extremely high dilution.
11. Should I apply for the Crazy Snacks IPO?
You may consider applying ONLY IF you are comfortable with an SME-listed packaged foods company (bakery items, snacks, namkeens) with 140+ products across price segments, 999 distributors, steady PAT growth (~2.5x from FY22), better RoNW (17.08%) than peers, BUT also comfortable with extremely high promoter dilution (25.29% from 76.14% to 50.85%), high debt-to-equity (145%), moderate PAT margin (4.17%), limited geography (97% North India), data anomaly, small team (225 employees), and SME liquidity risks. Use caution due to high promoter dilution, high debt, and moderate margins. This is for informational purposes only and not investment advice; read the RHP/DRHP and consult a SEBI-registered advisor before investing.
