Apex Frozen Foods IPO subscribed 1.46 times on Day 2

Mumbai: The initial public offer (IPO) of Apex Frozen Foods, which deals in aquaculture products, was subscribed 1.46 times on Wednesday, the second day of the share sale.

The Apex Frozen Foods IPO, which aims to raise up to Rs152 crore, received bids for 9,072,080 shares against the total issue size of 6,210,000, data available with the NSE showed. The non-institutional investor category was subscribed 45% and the retail investor portion was subscribed 2.90 times.

On Monday, a day before its IPO was launched, Apex Frozen raised over Rs43 crore from anchor investors. The offer will close on Thursday.

The Apex Frozen Foods IPO comprises issue of 8.7 million shares, including 7.25 million new shares and an offer for sale of 1.45 million shares by promoters, at a price band of Rs171-175 apiece. The shares have a face value of Rs10 each.

At the upper end of this price band, the Apex Frozen Foods IPO can raise up to Rs152.50 crore while at the lower limit, the company will raise at least Rs148.77 crore.

Proceeds from the share sale will be utilised towards 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 shares will be listed on the NSE and the BSE.