Amid the ongoing euphoria in the Indian stock markets, there is one such stock which had grown nearly 5 times from its issue price within just 4 months of listing.
Indian stock markets have been rallying for the last one year with the key benchmark indices Sensex and Nifty returning about 24%. There are several blue-chip stocks which even beaten the stellar performance of domestic equities while a couple of small caps have more than doubled in the same period. In 2017, the IPO (initial public offering) market has also received a much decent response from almost all the investor classes, be it institutional or the retail buyers. More than Rs 65,000 crore has already been raised through the IPOs so far out of which five big insurers alone have lapped up about Rs 43,800 crore which includes General Insurance Corporation Rs 11,370 crore, The New India Assurance Company Rs 9,600 crore, HDFC Standard Life Rs 8,700 crore.
Amid the ongoing euphoria in the stock markets, there is one such stock which had grown nearly 5 times from its issue price within just 4 months of listing. Shares of Apex Frozen Foods ( CMD Karuturi Subrahmanya Chowdary) which got a bumper stock market debut on 4 September 2017 have gained 400% to Rs 900 on BSE in a 4-month period from its listing. The stock of Apex Frozen Foods rose as much as 5% on Wednesday to a lifetime high of Rs 900 and was locked in the upper circuit while it advanced 5% to Rs 902 on NSE. Shares of Apex Frozen Foods have been rising continuously after getting listed with a major upside achieved in last month only.
Market Capitalization of Apex Frozen Foods as on 6 December 2017 is 2.813 crores.
Shares of Apex Frozen Foods surged more than 20% on their stock market debut on 4 September in less than an hour of listing. Apex Frozen Foods rose 21% intraday to Rs 212.5 after opening 15.42% premium at Rs 202 from its issue price of Rs 175. On BSE the shares listed with an upside of 14.23% at Rs 199.9. The company raised Rs 152 crore from its three-day share sale between 22 August and 24 August which got subscribed 6.14 times. The issue comprised of fresh issue of 72.5 lakh shares and an offer for sale of 14.5 shares.
Apex Frozen Foods Ltd (AFFL) 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 spread across the developed markets of USA, UK and various European countries. The company sells its products under the brands Bay fresh, Bay Harvest and Bay Premium.