Nekkanti Sea Foods files draft papers with Sebi to raise Rs 7.5 bn via IPO

Nekkanti Sea Foods expected to raise Rs 7.5 billion through the initial public offer (IPO)

Sea foods exporter Nekkanti Sea Foods has filed draft papers with capital markets regulator Sebi to raise an estimated Rs 7.5 billion through an initial share sale.

The company is the third sea foods exporter that approached Sebi with IPO papers in less than a month. Earlier, Sandhya Marines and Devi Seafoods had filed filed their respective preliminary papers with the market watchdog.

Nekkanti Sea Foods' IPO comprises fresh issuance of shares worth Rs 2.5 billion, besides, an offer for sale of up to 8 million equity shares by the existing shareholders, according to draft papers filed with Sebi.

Proceeds of the issue will be utilised towards working capital requirements.

According to merchant banking sources the company is expected to raise Rs 7.5 billion through the initial public offer (IPO).

Motilal Oswal Investment Advisors will manage the company's public issue. The equity shares are proposed to be listed on BSE and NSE.

Nikanti Sea Foods is among the country's leading processors and exporters of processed frozen shrimp products with over three decades of operations.