IPO of Apex Frozen Foods opens today

The IPO of Apex Frozen Foods, a profitable integrated producer and exporter of shelf stable quality aquaculture products, will open for subscription today. The IPO has been floated to finance the expansion plans of the company.
 
The IPO is of up to 87,00,000 equity shares of face value of Rs 10 each for cash at a premium offered through a book-building route at a price-band of Rs 171–175 per equity share, aggregating Rs 148.77–Rs 152.25 crore.
 
The issue will comprise of fresh issue of 7,250,000 equity shares and an offer for sale of 1,450,000 equity shares by the promoter and promoter group members. The book running lead manager is Karvy Investor Services Limited. The IPO will close on August 24 with the subscription for anchor investors having opened on August 21, 2017. The shares will be listed on both NSE and BSE.
 
The company plans to utilise the net proceeds from the fresh issue for setting up a new shrimp processing unit with a proposed capacity of 20,000 MTPA at East Godavari District, Andhra Pradesh, and for general corporate purposes.  

The company’s total revenues grew from Rs 2,554.8 million in fiscal 2013 to Rs 7,096.8 million in fiscal 2017 with a return on net worth of 25.22% in fiscal 2017. The company has a sizeable farming operation spread across 1,337.69 acres of land.