Freshara Agro Exports IPO subscribed 237 times on the last day led by NIIs; check allotment and listing date

The initial public offer (IPO) of Freshara Agro Exports Limited saw strong demand on Monday, October 21, the last day of bidding, driven by Non-Institutional Investors (NIIs). The NSE SME issue was booked 237 times.

Freshara Agro Exports Limited IPO received bids for over 97.58 crore shares against 41.18 lakh shares on offer across investor categories, leading to an overall subscription of 236.95 times.

The NIIs showed the highest demand, booking their quota more than 511 times. The investors in this category applied for nearly 45.16 crore shares compared to 8.83 lakh shares reserved for them. The retail portion of the IPO was booked 180.8 times, with bids for over 37.23 crore shares against 20.59 lakh shares set aside for the category.

The Qualified institutional Buyers (QIBs) applied for over 15.19 crore shares against 11.76 lakh shares reserved for them. The QIBs booked their quota 129.22 times.

Freshara Agro Exports IPO offer size, price band and other details

The Freshara Agro Exports IPO is a book-building issue aimed at raising ₹75.39 crore. The public offer comprises an entirely fresh issue of 64.99 lakh shares.

Freshara Agro IPO price band has been fixed at ₹110 to ₹116 per share. The minimum application size for retail investors was a single lot of 1,200 shares, amounting to ₹1,39,200. On the other hand, the minimum bidding size for high-net-worth individuals (HNIs) was two lots, or 2,400 shares, aggregating to ₹2,78,400.

GYR Capital Advisors Private Limited is the book-running lead manager for the Freshara Agro Exports IPO, while Purva Sharegistry India Pvt Ltd is the registrar. Giriraj Stock Broking is the market maker for this IPO.

The company’s promoters—Junaid Ahmed, Iqbal Ahmed Khudrathullah Mohammed, and Asma Syed—collectively owned an 86.50% stake in the company before the IPO. Their shareholding post-issue is yet to be decided.

Freshara Agro Exports IPO dates

Freshara Agro Exports IPO was open for bidding from October 17 to October 21. Following the subscription, the IPO share allotment status is scheduled to be finalised on Tuesday, October 22. Refunds for unsuccessful applicants will be initiated the following day, on October 23, while the allottees will receive shares in their Demat accounts the same day.

Freshara Agro Exports IPO listing has been scheduled for Thursday, October 24. Shares of Freshara Agro Exports will be listed on the NSE SME platform Emerge.

Freshara Agro Exports IPO objectives

The funds raised through the IPO will be used to meet capital expenditures, working capital requirements, and general corporate needs, as per the company’s Red Herring Prospectus (DRHP) for the issue. A portion of the funds will also be used for issue-related expenses.

About Freshara Agro Exports Limited

Freshara Agro Exports Limited, formerly Freshara Picklz Exports, was established in 2015. The company specialises in the procurement, processing and export of preserved gherkins and other pickled vegetables. Through contract farming, the company sources raw produce from farmers in Tamil Nadu, Karnataka and parts of Andhra Pradesh. The company’s offerings include gherkins, baby corn, jalapenos and other pickled vegetables.