Freshara Agro Exports IPO Day 1: NSE SME issue booked over 12 times, check subscription status and other key details

Freshara Agro Exports Limited IPO was booked over 12 times on the first day of bidding, on Thursday, October 17, driven by high retail demand.

The NSE SME issue received applications for more than 5 crore shares against 41.18 lakh shares on offer, leading to an overall subscription of 12.67 times at the end of the bidding process on the first day, according to NSE data.

Retail investors led the demand for the Freshara Agro Exports IPO on the first day of bidding, with applications for over 3.56 crore shares against 20.59 lakh shares set aside for the category. The retail portion of the issue was booked 17.31 times

The NSE SME issue was subscribed 11.11 times in the Non-Institutional Investors’ (NIIs) category with applications for more than 98.19 lakh shares against 8.83 lakh shares set aside for the category.

The Qualified Institutional Buyers (QIBs) subscribed their quota 3.5 times with bids for 41.25 lakh shares against 11.76 lakh shares set aside for them.

Freshara Agro Exports IPO: Offer size, price band and minimum investment

Freshara Agro Exports IPO is a book-building offer worth ₹75.39 crore. The NSE SME IPO consists entirely of a fresh issue of 64.99 lakh shares. The price band for the IPO has been fixed at ₹110 to ₹116 per share.

Retail investors interested in applying for the Freshara Agro Exports IPO can place bids for a minimum lot size of 1,200 shares, which amounts to an investment of ₹1,39,200. On the other hand, high-net-worth individuals (HNIs) can place bids for a minimum lot size of 2 lots, or 2,400 shares, amounting to ₹2,78,400.

Freshara Agro Exports IPO: Subscription window, listing date, allotment date

Freshara Agro Exports IPO subscription window opened today on Thursday, October 17. The three-day subscription window is scheduled to close on Monday, October 21.

Freshara Agro Exports IPO share allotment status is likely to be finalised on Tuesday, October 22. After the share allotment status of the public issue is finalised, refunds will be initiated for unsuccessful bidders on Wednesday, October 23, and successful bidders will receive shares of Freshara Agro Exports in their Demat accounts the same day.

Shares of Freshara Agro Exports will debut on the NSE SME platform Emerge. The tentative IPO listing date has been fixed as October 24.

Freshara Agro Exports key financials

Freshara Agro Exports’ revenue for the quarter ended September 30 stood at ₹107.46 crore, the company’s Profit-After-Tax stood at ₹11.37 crore and its net worth stood at ₹38.34 crore.

In FY24, the company reported 55% year-on-year growth in revenue at ₹198.01 crore, compared to ₹127 crore in FY23. The company’s profit-after-tax grew over 140% to ₹21.82 crore in FY24 against ₹9.08 crore in the previous financial year. In FY24, Freshara Agro Exports’ net worth grew over 221% to ₹59.58 crore compared to ₹18.55 crore in FY23.

Freshara Agro Exports IPO Registrar

Freshara Agro Exports book running lead manager is TGYR Capital Advisors Private Limited and Purva Sharegistry India Pvt Ltd is the registrar for the issue. Giriraj Stock Broking is the market maker for the NSE SME issue.

Freshara Agro Exports Promoters

Junaid Ahmed, Iqbal Ahmed Khudrathullah Mohammed, and Asma Syed are the company's promoters. Before the issue, Freshara Agro Exports’ promoters held an 86.5% stake in the company.

Freshara Agro Exports IPO objective

Freshara Agro Exports plans to use the money raised via the public issue for capital expenditures. The proceeds will also be used to fund working capital requirements, general corporate purposes, and issue expenses.

About Freshara Agro Exports Limited

Freshara Agro Exports Limited was established in 2015. The company procures, processes and exports preserved gherkins and other pickled goods to several countries across the world. As much as 70% of the produce is "not ready-to-eat" and is supplied to factories for further processing. The remaining 30% is supplied to food brokers and traders in the international markets.