Apex Frozen Foods IPO opens on August 22

Company to use proceeds from the offer to set up a new shrimp processing unit

The initial public offering (IPO) of Apex Frozen Foods, based in Kakinada would open for subscription on August 22.

The company has offered to sell 8.7 million equity shares of face value of Rs 10 each at a price band of Rs 171-Rs 175 per share, thereby, aggregating a net sum of around Rs 148.77 crore-Rs 152.25 crore.

The offering involves the fresh issue of 7.25 million shares and an offer for sale of 1.45 million shares by the promoters. The company proposes to utilise the net proceeds to establish a new shrimp processing unit with a proposed capacity of 20,000 tonnes per annum in Andhra Pradesh.

In the financial year 2016-17, Apex Frozen Foods registered a total revenue of Rs 709.68 crore.