Mother Nutri Foods IPO (Nov 2025): The Peanut Butter Empire Goes Public with ₹39.59 Cr Issue, 35% PAT Growth & 15.9x Subscription Buzz — Is This a Nutty Delight or a Sticky Trap?

1. At a Glance

Peanut butter just hit Dalal Street — and not the gym kind.Mother Nutri Foods Ltd, the Gujarat-based manufacturer of everyone’s favorite “spread and flex” fuel, is bringing its ₹39.59 croreBSE SME IPOto the table. This isn’t your typical bread-and-butter listing — it’s an oily, nutty, high-protein saga.

The issue, open betweenNovember 26–28, 2025, combines afresh issue of ₹31.67 croreand anoffer for sale (OFS) of ₹7.92 crore, with thefinal issue price locked at ₹117 per share.

Retail investors needed to cough up a rather chunky ₹2.8 lakh for a minimum lot of 2,400 shares — perfect if you’ve been saving money on gym memberships thanks to your peanut protein intake.

The IPO wassubscribed a whopping 15.92 times, showing that even the bulls want to get a taste of that spread. TheNII (HNI) category led with 34.41xbids, followed byQIBs at 10.10xandretail at 11.31x. Clearly, investors are spreading their enthusiasm thick.

At a post-issuemarket cap of ₹146.66 crore, the company’s valuation translates to aP/E of 13.8x, looking reasonable — unless peanut butter demand goes on a crash diet.

So, what’s cooking? Let’s dive in, jar first.

2. Introduction

In a market flooded with fintechs, EV startups, and AI-driven laundry apps, an old-school food manufacturer going public feels… refreshingly human.Mother Nutri Foods, founded in2022, didn’t take decades to mature. In just three years, it’s exportingB2B peanut butteracrossfive continents, running a slick private-label operation under the tagline:“Spread & Eat — and let investors repeat.”

The company’s growth smells like roasted peanuts — slightly smoky, but deliciously promising.Revenues rose 12%from FY24 to FY25, andPAT climbed 35%, making it one of the tastier numbers in the SME aisle.

However, the company’s promoter holding will drop from90.98% to 65.93%post-issue, meaning they’re opening the lid to the public — but not without keeping the spoon.

It’s a young business with a global clientele, exporting to theUK, Canada, Japan, UAE, Russia, South Africa, and even the British Virgin Islands(because even tax havens need healthy fats).

Now, let’s get under the crunchy shell and see if this IPO deserves to be in your portfolio sandwich.

3. Business Model – WTF Do They Even Do?

Mother Nutri Foods runs aB2B peanut butter business— a segment that’s quietly booming as fitness, veganism, and “protein-panic” spread faster than influencer reels.

The company’s secret sauce:private labeling. They manufacture peanut butter that other brands slap their own labels on. Over97% of revenuescome from this private-label model, making MNF the “ghost kitchen” of peanut butter.

Their own brand,“Spread & Eat”, is growing abroad, with presence inLibya, Dubai, and Japan— yes, Japan, where anything that sounds like “kawaii peanutto” sells.

Their Mahuva (Bhavnagar, Gujarat) facility handles all production, and the upcoming IPO funds will help set up anew manufacturing facility worth ₹23.19 crore, boosting capacity and possibly diversifying into other nut-based products.

In essence, they manufacture, label, and export creamy profits — though the business’s dependency on global buyers adds both flavor and risk.

So yes, they make peanut butter. But really, they sell consistency — and not just in texture.

4. Financials Overview

Let’s crunch the numbers — because even peanut butter has to stick to accounting principles.

*Annualised EPS (H1 FY26): 4.24 × 2 = 8.48, matching RHP disclosure.

Commentary:Revenue growth is steady,