Apex Frozen Foods, a profitable integrated producer & exporter of shelf stable quality aquaculture products with over two decades of experience, announced an Initial Public Offering (IPO) to finance its expansion program.
The IPO of up to 87,00,000 equity shares of face value of Rs 10 each for cash at a premium offered through a book-building route at a price-band of Rs 171 – Rs 175 per equity share aggregating Rs 148.77 crore – Rs 152.25 crore.
The issue will comprise of fresh issue of 7,250,000 equity shares and an offer for sale of 1,450,000 equity shares by the promoter & promoter group members. The book running lead manager is Karvy Investor Services Limited. The IPO would open for public subscription on 22nd August and close on 24th August with the subscription for anchor investors opening on 21st August 2017. The shares will be listed on NSE and BSE.
Apex Frozen Foods Limited proposes to utilise the net proceeds from the fresh Issue towards the setting up a new shrimp processing unit with a proposed capacity of 20,000 MTPA at East Godavari District, Andhra Pradesh and for general corporate purposes.
The company’s total revenues grew from Rs 2,554.8 million in fiscal 2013 to Rs 7,096.8 million in fiscal 2017 with a return on net worth of 25.22% in fiscal 2017. The company has a sizeable farming operation spread across 1,337.69 acres of land.
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