Apex Frozen Foods Raises Rs 43.5 Crore From Anchor Investors
Apex Foods sells 24.9 lakh shares to anchor investors ahead of IPO.
Shrimp exporter Apex Frozen Foods Ltd. mopped up Rs 43.5 crore by selling shares to anchor investors ahead of its initial public offering that opens Tuesday.
The company allocated 24.9 lakh shares at Rs 175 a piece to three anchor investors, according to a notice filed on the BSE website. Shares were given at the higher end of the IPO price band which is Rs 171-175 per share. The names of the anchor investors were not disclosed in the notice.
Apex is looking to raise up to Rs 152 crore by offering 87 lakh shares in its IPO, which will close on August 24. The company is raising money so that it can set up a new shrimp processing facility in Andhra Pradesh.
The company, which produces and exports two varieities of shrimps, generates all its revenue through exports to the U.S., the U.K. and a few countries in European Union. It utlises around 80 percent of its processing capacity.
Promoters Karuturi Satyanarayana Murthy and Karuturi Padmavathi will offload 7.25 lakh shares in the IPO, where it will also infuse 72.5 lakh fresh equity shares.