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  1. Apex Frozen Foods sets IPO price band at Rs 171-Rs 175

Apex Frozen Foods sets IPO price band at Rs 171-Rs 175

Apex Frozen Foods has priced its IPO aimed at raising Rs 152.25 crore in a price band of Rs 171-175.

By: | Mumbai | Published: August 17, 2017 3:20 AM
Apex Frozen Foods, Apex Frozen Foods ipo, Apex Frozen Foods initial public offering, Apex Frozen Foods ipo price band Apex Frozen Foods is a producer and exporter of aquaculture products. (Reuters)

Apex Frozen Foods has priced its initial public offering (IPO) aimed at raising Rs 152.25 crore in a price band of Rs 171-175. The IPO is scheduled to open on August 22 and will close on August 24. The anchor investors will be allotted shares on August 21. Bids can be made for a minimum of 80 shares and multiples of 80 thereof. The issue will comprise a fresh issue of 72.50 lakh shares and an offer for sale of 14.50 lakh shares. The company plans to use the proceeds of the fresh issue to set up a shrimp processing unit with a capacity of 20,000 tonne per annum (MTPA) and general corporate purposes. The company will not receive any money from the offer for sale.

At present, the company has a processing unit in Kakinada with a capacity to process 9,240 MTPA and an additional processing arrangement at a facility with a capacity of 6,000 MTPA. Apex Frozen Foods is a producer and exporter of aquaculture products. They supply ready-to-cook products to food companies, retail chains, and distributors in US, UK and other European markets. Their products, which mostly comprises variants of processed white shrimp, are sold under brands owned by their customers and their own brand names Bay Fresh and Bay Harvest.

The company posted a net profit of Rs 24.40 crore for the year ended March 2017 against Rs 19.28 crore in the previous fiscal year.

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