Apex Frozen Foods hits new high since listing; up 108% against IPO price

The stock hit a new high of Rs 364, up 8% on BSE in intra-day trade, appreciating 108% against its IPO price of Rs 175 per share

Apex Frozen Foods hit a new high of Rs 364, up 8% on BSE in intra-day trade, appreciating 108% against its initial public offer (IPO) price of Rs 175 per share.

Since its listing on September 4, 2017, the stock of the company engaged in aquaculture products business rallied 73% from Rs 210. On comparison, the benchmark S&P BSE Sensex was down 0.23% during the period.

On first day of its listing, Girik Wealth Advisors Private Ltd PMS had bought 311,077 shares of Apex Frozen Foods at Rs 211.91 per share. Tantallon India Fund purchased 180,825 shares at Rs 210.78 per share, the NSE bulk deal data shows.

BNP Paribas Arbitrage however, sold 200,000 shares of Apex Frozen Foods at Rs 211.95 per share.

Apex Frozen Foods had raised about Rs 152 crore through IPO. The proceeds from the issue will be utilised towards setting up a new shrimp processing unit with a capacity of 20,000 tonnes per annum in Andhra Pradesh and for general corporate purposes.

The company 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.

At 1:08 pm, the stock was up 7% at Rs 360 on BSE, against 0.06% decline in the Sensex. A combined 891,952 shares changed hands on the counter on BSE and NSE so far.