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Apex Frozen Foods to hit capital market on August 22 to raise up to Rs 152 crore

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, which is in the business of aquaculture products will hit the capital market on August 22 with its initial public offer (IPO) to raise up to Rs 152 crore for expansion.

Apex Frozen Foods to hit capital market on August 22 to raise up to Rs 152 crore
The IPO will open for public subscription on 22 August and close on 24 August with subscription for anchor investors opening on 21 August

According to a PTI report: The IPO of up to 87,00,000 equity shares of face value of Rs 10 each will be offered through a book-building route at a price-band of Rs 171-175 per share.

At the upper end, the shares can fetch up to Rs 152.25 crore while at the lower limit, the company will raise at least Rs 148.77 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 Rs 709.68 crore in the 2016-17 fiscal from Rs 255.48 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.