Key investors pick up stake in Annapurna Swadisht, ahead of its IPO

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Kolkata-based packaged snacks, food and beverage company Annapurna Swadisht has drawn the interest of multiple investors looking for a stake-hold in the company, ahead of its market listing. According to a company release, multiple marquee investors, led by market veteran and Founder of First Global Shankar Sharma, have invested in the forthcoming initial public offering in a personal capacity. In addition, Amit Bhartia, erstwhile Partner, GMO Singapore Pte, too has invested in his personal capacity. Bhartia is a portfolio manager for GMO’s Emerging Markets Equity team and oversees fundamental research. Among the institutional investors, NAV Capital Emerging Star Fund and Rajasthan Global Securities, a Qualified Institutional Investor and one of the largest investors in the SME segment have also invested in the pre-IPO stakes in the company.

The company has filed its Draft Red Herring Prospectus (DRHP) with the NSE Emerge for its proposed Initial Public Offering (IPO) on 26th July 2022. Annapurna Swadisht’s IPO comprises the issue of 43.22 lakh Equity Shares (Face Value Rs 10/) through the book-building route. Corporate Capital Ventures Private Limited, which has been appointed as the Lead Manager for the issue, is driving the pre-IPO and IPO process on behalf of the company. Skyline Financial Service Private Limited has been appointed Registrar to the issue.

Annapurna Swadisht will use the proceeds of the IPO to fund its growth plans – including setting up additional manufacturing units in West Bengal and expanding the product range to eastern and north-eastern states.

Annapurna Swadisht started operations in 2016. It operates over 35 SKUs ranging from extruded snacks to pellet-based snacks to potato snacks, namkeens, candies, and cakes. Led by Shreeram Bagla, Co-founder and Chairman, the company has two manufacturing facilities in West Bengal. It sells its sweet and savoury packaged snack products at a price point of Re. 1.00 to Rs. 5.00 across Bihar, Jharkhand, West Bengal, Odisha and Assam. It currently has around 400 distributors.

In June 2022, Annapurna Swadisht reported monthly sales of INR 11.05 crore (USD 1.4mn) and currently has a team of 235 employees. The company recently forayed into the Direct-to-Customer (D2C) segment with the Olonkar range of products and has tied up with bigbasket for distribution.

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