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Penver Products files IPO papers with Sebi

Initial share-sale consists of a fresh issue of equity shares aggregating up to Rs 242 crore, besides, an offer for sale of up to 41,08,000 equity shares by promoters

Press Trust of India  |  New Delhi 

Seafood company Penver Products today filed draft papers with markets regulator Sebi to raise funds through an initial public offering.

Besides, micro-lender Spandana Sphoorty has approached the Sebi with its IPO papers this week, while housing loan company Aavas Financiers had filed preliminary papers with the markets regulator last week to float initial share-sale offer.

Penver's initial share-sale consists of a fresh issue of equity shares aggregating up to Rs 242 crore, besides, an offer for sale of up to 41,08,000 equity shares by the promoters, the company said in a statement.

Proceeds of the fresh issue will be utilised for setting up a new shrimp processing unit, a pre-processing centre and a hatchery facility in

In addition, the funds will be used towards loan payment availed by the company and for other general corporate purposes.

Kerala-based Penver Products is a diversified seafood company engaged in the business of processing and exporting aquaculture and capture fishery products with about two decades of operating history.

It is present across various segments of the seafood value chain -- farming, feed distribution, processing and overseas distribution. They cater to end consumers at various geographical locations worldwide, through food distribution and retailing channels.

Karvy Investor Services, and Equirus Capital will manage the company's initial public offer (IPO).

Penver's total income has grown to Rs 698.42 crore in 2017-18 from Rs 205.52 crore in 2015-16.

In the past few months, some other seafood companies --- Nekkanti Sea Foods, Devi Seafoods and -- have filed IPO papers with the Securities and Exchange Board of (Sebi).

Spandana Sphoorty's IPO comprises fresh issue of shares worth up to Rs 400 crore, and an offer for sale of up to 13,146,595 equity stocks by existing shareholders, including Kedaara Capital Alternative Investment, Helion Venture Partners and Valiant Mauritius Partners, as per the draft papers.

The initial offer of Aavas Financiers consists of a fresh issue of up to Rs 400 crore, besides, an offer for sale of up to 1,62,49,359 equity stocks by the existing shareholders, including Kedaara Capital and

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Wed, June 27 2018. 15:50 IST
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