Apex Frozen Foods IPO oversubscribed 1.46 times till Day 2

The initial public offer (IPO) of Apex Frozen Foods that deals in aquaculture products was oversubscribed 1.46 times till second day of the bidding today.
The IPO, with an aim to raise up to Rs 152 crore, received bids for 90,72,080 shares against the total issue size of 62,10,000, data available with the NSE showed.
The non-institutional investor category was subscribed 45 per cent and the retail investor portion got oversubscribed 2.90 times.
Apex Frozen on Monday raised over Rs 43 crore from anchor investors. The offer will close tomorrow.
The offer of up to 87 lakh shares, including the anchor portion of 24,90,000, with a face value of Rs 10 each is in the price band of Rs 171-175.

At the upper end, it can fetch up to Rs 152.25 crore while at the lower limit, the company will raise at least Rs 148.77 crore.

The IPO comprises fresh issue of 72.50 lakh shares and an offer for sale of 14.50 lakh by promoters.
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 shares will be listed on the NSE and the BSE.