SeedWorks International, a leading seed research and development company, has filed its issue papers with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO) comprising 5,19,70,282 equity shares. SeedWorks International IPO will be conducted entirely through an Offer for Sale (OFS) by existing shareholders, with no fresh issue component. The IPO is being managed by Equirus Capital, DAM Capital Advisors, and SBI Capital Markets. KFin Technologies is the registrar of the issue.
SeedWorks International IPO – Company Overview
SeedWorks International specializes in the research, production, and marketing of hybrid and open-pollinated variety (OPV) seeds for rice, wheat, cotton, pearl millet, mustard, vegetables, and fruits. The company has established itself as the second fastest-growing seed firm in India in terms of revenue between Fiscal 2021 and Fiscal 2024, boasting a CAGR of 11.98%.
The company ranks third in cotton seeds, fourth in hybrid rice, and fourth in pearl millet seeds in India by volume in Fiscal 2024. Market share in the cotton seed category increased from 5.60% in Fiscal 2021 to 6.45% in Fiscal 2024, while hybrid rice seed market share grew from 7.10% to 7.30% during the same period. Despite commercializing pearl millet seeds only in June 2019, SeedWorks has rapidly secured a 4.90% market share by Fiscal 2024.
Internationally, the company has a strong presence in the Philippines and Nepal, ranking as the fourth-largest hybrid rice seed company in the Philippines with a 12% market share in CY 2023. In Nepal, SeedWorks holds a hybrid rice seed market share of approximately 26% to 29% in CY 2024. Furthermore, the company is looking at new geographical expansions in Africa, targeting high-growth markets such as Kenya, Malawi, Burkina Faso, and Nigeria.
SeedWorks International IPO – Offer for Sale Details
SeedWorks International IPO is structured as an Offer for Sale (OFS) by existing shareholders, including:
| Selling Shareholder | Number of Equity Shares | Weighted Average Cost per Share (INR) |
| True North Fund V LLP | Up to 39,917,145 | 14.12 |
| South Asia Growth Fund II Holdings LLC | Up to 10,927,044 | 40.10 |
| Dr. Balaji Manmohan Nukal | Up to 1,044,038 | 20.91 |
| South Asia EBT Trust (through Orbis Trusteeship Services) | Up to 82,055 | 40.10 |
SeedWorks International IPO – Financial Performance
The company’s revenue from operations stood at INR 522.69 crore in Fiscal 2024, up from INR 488.31 crore in Fiscal 2023. Restated profit before tax was INR 14.67 crore in Fiscal 2024, while restated net profit came in at INR 4.95 crore. The financial performance indicates a steady growth trajectory, with expansion efforts and market penetration strategies yielding positive results.
| FY 2022 | FY 2023 | FY 2024 | H1 FY 2024 | |
| Revenue | 457.16 | 488.31 | 522.69 | 407.50 |
| Expenses | 426.41 | 477.45 | 512.50 | 324.69 |
| Net income | 24.34 | 5.37 | 4.95 | 70.24 |
| Margin (%) | 5.32 | 1.10 | 0.95 | 17.24 |
| EBITDA (%) | 11.01 | 5.99 | 6.76 | 25.63 |
| ROCE (%) | 23.61 | 9.66 | 10.30 | 40.62 |
SeedWorks International IPO – Market Position & Expansion Plans
SeedWorks continues to expand its global footprint, with plans to enter Kenya, Malawi, Burkina Faso, and Nigeria, focusing on cotton and vegetable crops. The company’s expansion is supported by a well-structured supply chain and deep-rooted relationships with farmers and distributors, ensuring seamless integration into new markets.
The company has strong R&D capabilities, reinforced by collaborations with global industry leaders such as BASF. SeedWorks is licensed to develop ‘Provisia’ and ‘Clearfield’ herbicide-tolerant rice varieties, demonstrating its commitment to technological advancements and innovation in the seed industry. Additionally, the company leverages digital tools for data-driven decision-making, ensuring efficiency and sustainability in operations.
India’s Seed Industry & Economic Outlook
India’s seed market is valued at USD 3.8 billion in 2024, growing at a CAGR of 6.6% to reach USD 5.56 billion by 2030. The country is self-sufficient in fruit, vegetable, and field crop seeds, with strong growth expected in rice and corn. The Indian agricultural sector is also undergoing digital transformation, integrating AI-driven analytics and precision farming techniques to enhance productivity.
The broader Indian economy has also been a catalyst for agricultural expansion. India recorded an 8.2% GDP growth in Fiscal 2024, positioning itself as the world’s third-largest economy by Fiscal 2031, with a projected nominal GDP surpassing USD 7 trillion. This economic expansion creates a favourable environment for agribusinesses such as SeedWorks.
Conclusion
SeedWorks International IPO presents an opportunity for investors to participate in a rapidly growing seed business with strong domestic and international market share. With a well-defined research-driven approach, innovative product portfolio, and expanding global footprint, the company is well-positioned for future growth. The increasing adoption of hybrid and high-yielding seeds, coupled with precision farming techniques, further enhances the company’s long-term growth potential.
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