Upcoming IPO: Mumbai-based Meir Commodities files DRHP with SEBI to raise funds via IPO; Details here

Upcoming IPO: Mumbai-based Meir Commodities India Limited is presently engaged in the domestic and export trading of B2B agriculture-based commodities, with a primary focus on sugar, khandsari and sugar allied products, has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) to raise funds through Initial Public Offering (IPO).

The IPO, with a face value of ₹10, is a mix of fresh issues of shares up to 52.94 lakh and an offer-for-sale up to 35.29 lakh equity shares by Rahil Irfan Iqbal Shaikh.

The proceeds from the fresh issue to the extent of Rs. 48.75 crores for funding working capital requirements and general corporate purposes.

The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional and retail individual bidders respectively.

Mier Commodities India Ltd, incorporated on May 11, 2018, is engaged in B2B trading of agricultural commodities, primarily sugar, khandsari, and sugar allied products. Operating as an intermediary, the company connects sugar mills and distributors, ensuring seamless supply chain management. Its diverse product portfolio includes sugar, rice, pulses, spices, and other agricultural commodities, with a strong presence in both domestic and international markets. While most sales are conducted through third-party distributors in India, Mier also exports to over 15 countries, including the UAE, Turkey, Singapore, the UK, and Europe. Additionally, the company imports pulses and spices from nations like Tanzania, Russia, South Africa, UAE, Canada, and Singapore to meet customer demand.

In Fiscal 2024, Mier ranked as India’s fourth-largest exporter of khandsari, holding a 4.2% share by value and 11.7% by volume, according to a D&B Report mentioned in the DRHP. The company has received several industry awards, including “Agri Start-up of the Year 2024” and “Unique Indian MNC 2025” at the Sugar-Ethanol & Bioenergy International Awards.

Since its inception, Mier has supplied over 13,31,901 metric tons of agricultural products, including 10,93,839 metric tons domestically and 2,38,062 metric tons in the global market. The company’s strategic supplier network ensures a steady flow of sugar, khandsari, and allied products, with over 20 suppliers maintaining long-term associations. From handling its first order of 22 MT of sugar, Mier has scaled up to processing single orders of 68,500 MT.

To mitigate challenges posed by government restrictions on sugar exports, Mier has diversified its operations by expanding domestic sales, offering traditional products such as khandsari in global markets, and sourcing sugar from Brazil and independent Indian refineries. The company also trades rice and pulses, further strengthening its market presence.

As part of its growth strategy, Mier Commodities India Ltd has expanded its business through strategic acquisitions, strengthening its position in the agricultural commodities sector. The company acquired 99.90% of the shares in Shri Agri Trade Limited (SATCL) in September 2022, making it a Wholly Owned Subsidiary based in the UAE. This acquisition allowed Mier to leverage favorable trade policies and continue supplying sugar to international markets despite India’s export restrictions. Additionally, Mier holds a 90% stake in Shree Comtrade Private Limited (SCPL) and 90.10% in Shree Salasar Agriculture India Limited (SSAIL), further enhancing its sourcing and distribution network. The company also has a 25% stake in Shree Agri Logistics Private Limited (SALPL), securing a steady procurement network and supply chain infrastructure. These acquisitions have significantly contributed to Mier’s ability to scale operations, optimize logistics, and ensure a consistent supply of agricultural products to both domestic and international customers.

Mier operates through its Wholly Owned Subsidiary (SATCL), two subsidiaries (SCPL & SSAIL), and an associate company (SALPL). SATCL, based in the UAE, leverages favorable trade policies to bypass India’s sugar export restrictions, ensuring uninterrupted supply to global customers. Meanwhile, SALPL focuses on establishing a steady procurement network.

Led by Rahil Irfan Iqbal Shaikh, an industry veteran with 18 years of experience, Mier has positioned itself as a leading player in the agricultural commodities trade. With a strong commitment to quality, traceability, and customer satisfaction, the company aims to expand its global footprint, strengthen manufacturing capabilities, and continue its growth trajectory in the domestic and international agricultural trading sector.

Meir Commodities Limited’s consolidated revenue from operations and profit after tax stood at ₹910.65 crore ₹7.87 crore in Fiscal 2024 respectively.

For the six months ended September 30, 2024, revenue from operations stood at Rs.541.64 crore, and Profit after tax stood at ₹2.27 crore.

Smart Horizon Capital Advisors Private Limited is the sole book-running lead manager and Kfin Technologies Limited is the registrar of the issue. The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited.