BackApex Frozen Foods IPO to hit market on 22 August, seeks to raise up to Rs152 crore
Apex Frozen Foods IPO of up to 87,00,000 equity shares of face value of Rs10 each will be offered through a book-building route at a price-band of Rs171175 per share
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New Delhi: Apex Frozen Foods, which is in the business of aquaculture products will hit the capital market on 22 August with its initial public offer (IPO) to raise up to Rs152 crore for expansion.
The IPO of up to 87,00,000 equity shares of face value of Rs10 each will be offered through a book-building route at a price-band of Rs171–175 per share.
At the upper end, the shares can fetch up to Rs152.25 crore while at the lower limit, the company will raise at least Rs148.77 crore.
The issue will comprise of fresh issue of 72,50,000 shares and an offer for sale of 14,50,000 shares by promoters.
The IPO will open for public subscription on 22 August and close on 24 August with subscription for anchor investors opening on 21 August.
The shares will be listed on NSE and BSE.
The company’s total revenues grew to Rs709.68 crore in the 2016-17 fiscal from Rs255.48 crore in 2012-13. It has a sizeable farming operation spread across 1,337.69 acres land.
Apex Frozen Foods Ltd will use the net proceeds from fresh issue of shares towards the setting up a new shrimp processing unit with a capacity of 20,000 tonnes per annum in Andhra Pradesh and for general corporate purposes.
The company’s existing processing facility is located at Kakinada, Andhra Pradesh with a capacity of over 9,240 tonnes per annum of finished products.
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