Apex Frozen Foods receives SEBI nod for IPO
DSIJ Intelligence / 17 May 2017
The capital market regulator, Securities and Exchange Board of India (SEBI), has approved initial public offer (IPO) of Apex Frozen Foods Ltd.
The capital market regulator, Securities and Exchange Board of India (SEBI), has approved initial public offer (IPO) of Apex Frozen Foods Ltd.
The Andhra Pradesh-based company had filled draft papers with SEBI in March and had received observations from the regulator on April 11, reported a leading news portal.
The IPO will comprise of fresh issue of 72.5 lakh shares and an offer for sale (OFS) of up to 14.5 lakh by the existing shareholders, according to the draft red herring prospectus (DRHP).
Proceeds of the IPO will be used for setting up a new shrimp processing unit in East Godavari district of Andhra Pradesh and for general corporate purposes.
Andhra Pradesh-based Apex Frozen Foods is an integrated producer and exporter of shelf stable quality aquaculture products. It supplies ready-to-cook products to a diversified customer base consisting of food companies, retail chains, restaurants, club stores and distributors.
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