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PNN
Mumbai (Maharastra) [India], October 14: Freshara Agro Exports Limited specializes in export of processed gherkins and pickled vegetables, proposes to open its Initial Public Offering on October 17, 2024, aiming to raise Rs 75.39 Crore, with shares to be listed on the NSE Emerge platform. The issue size is Up To 64,99,200 equity shares at a face value of Rs 10 each with a price band of Rs 110 - Rs 116 Per Share. Equity Share Allocation QIB Anchor Portion - Up To 17,61,600 Equity SharesQualified Institutional Buyer - Up To 11,76,000 Equity SharesNon-Institutional Investors - Not Less Than 8,83,200 Equity SharesRetail Individual Investors - Not Less Than 20,59,200 Equity SharesMarket Maker - Up To 6,19,200 Equity Shares The net proceeds from the IPO will be utilized for working capital requirements, capital expenditure, general corporate expenses and issue expenses. The anchor portion will open on October 16, 2024. The issue will open for public on October 17, 2024 and the issue will close on October 21, 2024. The Book Running Lead Manager to the Issue is GYR Capital Advisors Private Limited, The Registrar to the Issue is Purva Sharegistry (India) Private Limited. Junaid Ahmed, Chairman & Managing Director, of Freshara Agro Exports Limited said, "It is with great enthusiasm that we announce our upcoming IPO. This milestone underscores our commitment to providing premium preserved gherkins and pickled vegetables while promoting sustainable farming practices that benefit our customers, farmers, and the environment. The proceeds from this IPO will be instrumental in enhancing our working capital, allowing the company to optimize its procurement and processing capabilities. This strategic investment will support the expansion of our state-of-the-art facility, increasing production capacity and improving efficiency. Ultimately, this will enable us to broaden our operations and enhance our ability to serve our global customer base, which now spans over 40 countries." Mohit Baid, Director of GYR Capital Advisors Private Limited said, "We are pleased to be part of the upcoming IPO of Freshara Agro Exports Limited. This initiative not only showcases the company's remarkable growth potential but also demonstrates its commitment to sustainability and quality. With a strong presence in over 40 countries and a focus on supporting local farmers, Freshara has established itself as a key player in the agro-export sector. The proceeds from this IPO will provide the essential resources necessary to enhance service capabilities and drive future success. Given the robust growth of the agro-export industry, we are confident that this IPO will pave the way for significant expansion, enabling the company to strengthen its operational capabilities and broaden its market reach." (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
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