Shrimp exporter Penver Products files for IPO

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New Delhi | Published: June 28, 2018 1:43:26 AM

Kerala-based Penver Products Limited is also trying to cash in on the booming shrimp exports by going for an initial public offering.

Shrimp exporter Penver Products files for IPO

Kerala-based Penver Products Limited is also trying to cash in on the booming shrimp exports by going for an initial public offering (IPO).

In the last few years, Indian seafood exports have been increasing with the help of vannamei shrimp production, after losses suffered due to the punitive tariff imposed by the US in 2004 and the decline in capture fisheries . Penver filed for an initial public offer (IPO) with Sebi on Wednesday for fresh issue of equity shares aggregating up to `2,420 million and an offer for sale of upto 4,108,000 equity shares by the promoters, company sources said.

Penver is a diversified company engaged in the business of processing and exporting aquaculture and capture fishery products with about two decades of operating history. The proceeds of the fresh issue will be utilised for setting up a new processing unit in Nellore, a new pre-processing centre at Thamminipatnam in Nellore District and a new hatchery facility at Rajupalem Village in Prakasham District, Andhra Pradesh.

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