The initial public offering (IPO) of Apex Frozen Foods will open on August 22.
The proceeds will finance the setting up of a shrimp processing unit.
The firm will issue up to 87 lakh equity shares (face value of ₹10 each) at a price band of ₹171-₹175 each.
The issue is expected to aggregate between ₹148.77 crore and ₹152.25 crore. Comprising fresh issue of 72.50 lakh equity shares and an offer for sale of 14.50 lakh equity shares by the promoter and promoter group members, The issue will close on August 24.
Executive director Choudary Karuturi said the company proposed to utilise the net proceeds in setting up a shrimp processing unit with a capacity of 20,000 tonnes per annum in East Godavari District of Andhra Pradesh and for general corporate purposes.
The company’s existing processing facility, with a capacity of over 9,240 tonnes per annum of finished products, is in Kakinada, AP. The company also has an additional pre-processing and processing arrangement at a facility owned by Royale Marine Impex Pvt Ltd in Bapatla.
To queries, he said the company planned to increase the farming operations from the existing over 1,300 acres and in doing so may look at Gujarat and Odisha besides in Andhra Pradesh.
