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Apex Frozen Foods IPO subscribed 40 pc on Day 1

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The initial public offer (IPO) of Apex Frozen Foods, which is in the business of aquaculture products, was subscribed 40 per cent on the first day of bidding on Tuesday.

Apex Frozen Foods IPO subscribed 40 per cent on Day 1
The Apex Frozen Foods IPO, which aims to raise up to Rs 152 crore, received bids for 2,509,600 shares against the total issue size of 6,210,000 shares

According to a PTI report: IPO, which aims to raise up to Rs 152 crore, received bids for 2,509,600 shares against the total issue size of 6,210,000 shares, data available with the NSE showed.

The portion set aside for non institutional investors was subscribed 18 per cent and retail investors 79 per cent.

On Monday, Apex Frozen Foods raised over Rs 43 crore from anchor investors.

The Apex Frozen Foods IPO will close on 24 August.

The IPO of up to 8.7 million equity shares (including anchor portion of 2,490,000 equity shares) of face value of Rs 10 each is in a price band of Rs 171-175 per share. At the upper end, it can fetch up to Rs 152.25 crore while at the lower limit, the company will raise at least Rs 148.77 crore.

The initial share sale comprises fresh issue of 7.25 million shares and an offer for sale of 1.45 million shares by promoters. Proceeds from the issue would 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.

Shares of Apex Frozen Foods will be listed on NSE and BSE.