India's leading seafood exporters, Devi Seafoods and Sandhya
Marines, have filed initial public offering papers with the Securities and
Exchange Board of India.
Devi Seafoods filed its IPO papers on 5 March. It's owners,
Potra Brahmanandam, P. Suryavathi, P.
Rama Devi, and N. Naveena, are looking to raise INR 9 billion (USD 138.4
million, EUR 111.9 million), Livemint reported. The proceeds from the IPO will
be used enhance the company’s financial stability, burnish its brand image, and
provide liquidity to its existing shareholders.
Sandhya Marines, another Indian seafood exporter, is also
looking to raise INR 3 billion (USD 46.1 million, EUR 37.3 million) from its
own IPO, The Outlook India reported. The company will sell 12.6 million shares
owned by Kondragunta Venkata Prasad, K Suryanarayanamma, K Anand Kumar and K Arun Kumar.
Sandhya Marines is a producer and distributor of value-added
seafood products, primarily having to do with vannamei shrimp. It sells to
retail chains, stores, restaurants and food service distributors across North
America, Europe, and Asia.
In its filing, the company said it will use the funds from
its IPO to set up a new shrimp processing unit and a new aqua-feed mill, in
addition to debt repayment and the establishment of a new corporate office.
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