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Apex Frozen gets Sebi go-ahead for IPO

Press Trust of India  |  New Delhi 

Apex Frozen Ltd has received capital market regulator Sebi's approval to float an initial public offering.

The company had filed draft papers with the Securities and Exchange Board of (Sebi) in March and got "observations" from the regulator on April 11, which is imperative for any firm to launch public offer, as per the latest update.

The initial offer will comprise a fresh issue of 72.5 lakh and on offer for sale (OFS) of up to 14.5 lakh by the existing shareholders, according to the draft red herring prospectus (DRHP).

Proceeds of the IPO will be used for setting up a new shrimp processing unit in East Godavari district, Andhra Pradesh, and general corporate purposes.

Andhra Pradesh-based Apex Frozen is the 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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 17 2017. 12:42 IST