Apex Frozen Foods IPO to launch on 22 August

The Apex Frozen Foods IPO will see a fresh issue of 7.25 million shares at a price band of Rs171-175 apiece

Mumbai: Aquaculture company Apex Frozen Foods Ltd Wednesday said it will open its initial public offering (IPO) on 22 August.

At the upper end of its price band of Rs171-175, the share sale will be worth approximately Rs152 crore. The IPO will close on 24 August.

The IPO will see a fresh issue of 7.25 million shares, which at the upper end of the price band will fetch the company approximately Rs126 crore. The proceeds will be used to set up a new shrimp processing unit with a capacity of around 20,000 million tonnes per annum (mtpa) in Andhra Pradesh.

Karuturi Satyanarayana Murthy, chairman of the company, will sell 1.45 million shares in an offer for sale. At the upper end of the price band, the share sale will fetch the promoter Rs25 crore.

Karvy Investor Services Ltd is managing the share sale.

Apex, established in 1997, is an integrated producer and exporter of shelf stable and ready-to-cook products to a diversified customer base consisting of food companies, retail chains, restaurants, club stores and distributors across the US, UK and European countries. The company sells aquaculture products under three brands, namely, Bay Fresh, Bay Harvest and Bay Premium.

“We are a hundred percent export-oriented company, with the US accounting for 82%, and the UK and European countries accounting for 17.8% of the total sales,” said Karuturi Subrahmanya Chowdary, executive director, Apex.

According to the management, the company’s total revenue has grown from around Rs255 crore in fiscal 2013 to Rs710 crore in fiscal 2017, at a compounded annual growth rate (CAGR) of 29%. The company’s net profit has increased from Rs9 crore in fiscal 2013 to Rs24 crore in fiscal 2017, at a CAGR of 26%.

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