Freshara Agro Exports makes decent debut, shares list at 16% premium on NSE SME

Freshara Agro Exports Ltd made a decent market debut on Thursday, October 24, with its shares listing at a 16% premium to the issue price.

The minimum bidding quantity for the NSE SME issue was 1,200 shares. Bidders who were allotted at least one lot in the primary issue would have made a profit of ₹22,800 (₹19 x 1,200) after the stock started trading on the NSE Emerge platform.

After the stock began to trade, 14.22 lakh shares of the company changed hands on the NSE. The company's total market capitalisation stood at ₹317.24 crore. After listing, the stock gained over 3% to hit an intraday high at ₹140 apiece.

Freshara Agro Exports IPO details

Freshara Agro Exports IPO, a book-building issue worth ₹75.39 crore, comprised a fresh issue of 64.99 lakh shares. The IPO price band was fixed at ₹110 to ₹116 per share.

The minimum lot size for application for retail investors was fixed at 1 lot or 1,200 shares, which aggregated to an investment of ₹1,39,200.

Freshara Agro Exports IPO was booked 236.95 times during the three-day bidding period from October 17 to October 21. Investors across categories placed bids for over 97.58 crore shares compared to the 41.18 lakh shares on offer.

The Non-Institutional Investors’ (NII) quota of Freshara Agro Exports IPO was booked 511.3 times. The retail portion was subscribed 180.8 times, while the Qualified Institutional Buyers (QIB) subscribed their segment 129.22 times.

The company plans to use the proceeds of the public issue to meet its capital expenditure requirements and working capital requirements. A portion of the proceeds will also be used for funding general corporate purposes and issue related expenses.

Established in 2015, Freshara Agro Exports Limited procures, processes and exports preserved gherkins and other pickled goods. The company’s product portfolio includes gherkins, baby corn, jalapenos, and other pickled vegetables. Freshara Agro Exports supplies its products to food brokers and traders in the international markets. The company employed a total of 135 workers as of September 30, 2024.