Apex Frozen Foods shrimp. (Photo: Apex)
Apex to launch IPO to finance new plant construction
INDIA
Friday, August 18, 2017, 23:20 (GMT + 9)
Aquaculture product producer and exporter Apex Frozen Foods will this month launch its initial public offer (IPO) in order to collect funds in order to finance its expansion.
The firm informed that on August 22 it will launch an IPO of up to 8.7 million shares with which it expects to raise INR 1.52 billion (USD 23. 7 million).
The issue will comprise of fresh issue of 7.25 million shares and an offer for sale of 1.45 million shares by promoters.
Apex Frozen Foods is planning to use the net proceeds from fresh issue of shares towards the setting up a new shrimp processing unit with a capacity of 20,000 tonnes per annum in Andhra Pradesh and for general corporate purposes, Times of India reported.
The company's existing processing facility is located at Kakinada, Andhra Pradesh, with a capacity of over 9,240 tonnes per annum of finished products.
The company's total revenues grew from INR 2554.8 million (USD 39.8 million) in 2012-13 to INR 7,096 million (USD 110.6 million) in the 2016-17 fiscal year.
Apex sells its products -- mainly processed Vannamei shrimp -- with its brands Bay Fresh, Bay Harvest and BayPremium, and also under brands owned by its customers.
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