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2 min read | Updated on October 18, 2024, 13:12 IST
SUMMARY
Freshara Agro Exports IPO, which has set a price band of ₹110 to ₹116 per share, will conclude on Monday, October 21. The ₹75.39 crore initial share sale is a fresh issuance of 64.99 lakh shares with no offer-for-sale component.
Freshara Agro Exports Limited specialises in procuring, processing, and exporting gherkins and pickles.
Freshara Agro Exports IPO: The initial public offering of Freshara Agro Exports has received a good response from investors. On Friday, the second day of bidding, the issue was subscribed 19.60 times.
The bidding was led by retail investors, who subscribed 27.64 times the part set aside for them. The non-institutional investors (NIIs) portion was booked 22.29 times, while the qualified institutional buyers (QIBs) subscribed 3.51 times the allotted quota.
The ₹75.39 crore initial share sale is a fresh issuance of 64.99 lakh shares with no offer-for-sale component. The net proceeds will be used to meet capital expenditures, working capital requirements, general corporate purposes, and issue expenses.
Interested investors can place bids for at least one lot size, consisting of 1,200 shares, requiring an investment of ₹1,39,200. High-networth-individuals (HNIs) can apply for a minimum of two lots, amounting to ₹2,78,400.
Half of the net issue has been reserved for qualified institutional buyers, 35% for retail investors and 15% for non-institutional investors (NIIs).
Freshara Agro Exports Limited specialises in procuring, processing, and exporting gherkins and pickles. The firm sources its raw materials from accredited farmers.
The company, which has received certifications from the Food Safety and Standards Authority of India (FSSAI) and the United States Food & Drug Administration (FDA), has a processing plant in Tamil Nadu.
Freshara Agro Exports posted a 55% increase in revenue to ₹198.01 crore in the financial year 2023-24 (FY24), compared to ₹127 crore in FY23. The profit after tax stood at ₹21.82 crore in FY24, up 140% from ₹9.08 crore in the previous fiscal.
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