Apex Frozen Foods IPO subscribed 40% on first day

IPO comprises a fresh issue of 72.5 lakh shares and an offer for sale of 14.5 lakh shares promoters

The initial public offer (IPO) of Apex Frozen Foods, which is in the business of aquaculture products, was subscribed 40 per cent on the first day of bidding on Tuesday.

The IPO, to raise up to Rs 152 crore, received bids for 25,09,600 shares against the total issue size of 62,10,000 shares, data available with the NSE showed.

The portion set aside for non-institutional investors was subscribed 18 per cent and retail investors 79 per cent.

Apex Frozen Foods yesterday raised over Rs 43 crore from anchor investors.

The offer will close on August 24.

The IPO of up to 87 lakh equity shares (including anchor portion of 24,90,000 equity shares) of the face value of Rs 10 each is in a price band of Rs 171-175 per share.

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 a fresh issue of 72.50 lakh shares and an offer for sale of 14.50 lakh shares by promoters.

Proceeds from the issue would 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 NSE and BSE.