As a major, big-budget IPO, including Hyundai Motors and Swiggy line-up for their respective IPOs, the shine on SME IPOs does not appear to go away. A new set of Small and Medium Enterprise IPOs are in line for their debut at Dalal Street.
Another Small and Medium enterprise is gearing up to enter the arena of stocks. The Chennai-based Freshara Agro Exports Limited is all set to initiate its Initial Public Offer or IPO, tomorrow, October 17, 2024.
Freshara Agro Exports Limited aims to raise ₹ 75.39 crore at the upper band through its upcoming IPO, with a price band of ₹ 110 to ₹ 116 per share and a lot size of 1,200 shares. The bidding period runs from October 17 to October 21, 2024. with anchor bidding scheduled for… pic.twitter.com/BD9dVZXAn3
— Avinash Gorakshakar (@AvinashGoraksha) October 14, 2024
About The Company
Established in 2015, Freshara Agro Exports Limited procures, processes and exports preserved pickled goods from India to other territories globally. The operations include products like gherkins, baby corn, jalapenos, and other pickled vegetables.
It conducts its operation through a contract farming programme, and the company exports raw produce from local farmers in Tamil Nadu, Karnataka, and some parts of Andhra Pradesh.
Company websites, as per SEBI norms.
What Is On Offer?
This SME has a book built issue of Rs 75.39 crores. The IPO has a face value of Rs 10 per individual share. The issue has a price band of Rs 110 to Rs 116 per individual share. The public offer has a lot size of 1200 shares. This IPO brings an entirely fresh issue amounting to 6,499,200 shares.
This fresh issue translates to Rs 75.39 crore. The latest GMP, or Grey Market Price GMP, as of October 15 at 11:25 IST is at RS 50.
In addition, the minimum investment amount required by retail investors is Rs 139,200. Investors can bid for a minimum of 1200 shares.
Dates To Remember
The issue will be opened to investors for subscription on Thursday, October 17. The process of the subscription will be available until next week.
The IPO will draw curtains on Monday, October 21. The tentative date for allotment is Tuesday, October 22.
The initiation of refunds would come to pass next month, on Wednesday, October 23. The shares would then be credited to the Demat accounts of investors on Wednesday, October 23.
Finally, the tentative time for the listing of the IPO is estimated to be Thursday, October 24. The entity will be listed on the National Stock Exchange (NSE) SME.
Key Factors
The company is headed by Asma Syed, Junaid Ahmed, and Iqbalahmed Khudrathullah Mohammed.
In the recently concluded fiscal year, the Chennai-based company’s market capitalisation stood at Rs 272.59 crore. The company is located in Chennai’s busy suburb of Royapettah.
Objectives
Apart from the usual ‘General Corporate Purposes’, Freshara Agro Exports intends to deploy the resources accrued for capital expenditure, funding the working capital requirements of the company. In addition, it also intends to meet the issue expenses.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investing in IPOs involves risks and potential volatility. Readers are advised to conduct their own research and consult a financial advisor before making investment decisions. The author and publisher are not responsible for any financial losses incurred by readers.
