Andhra Pradesh-based Apex Frozen Ltd has filed a draft red herring prospectus for an Initial Public Offer (IPO). The IPO will offer 8.7 million shares of face value of Rs 10 each.
The initial offer will comprise a fresh issue of 7.25 million shares and on offer for sale (OFS) of up to 1.45 million shares. The OFS will include shares up to 725,000 by promoters, Karuturi Satyanarayana Murthy and Karuturi Padmavathi each.
The funds raised via IPO is intended to be used to set up new shrimp processing unit of proposed capacity of 20,000 tn a year in East Godavari district, Andhra Pradesh. The funds will also be used for general corporate purposes.
Apex frozen food produces and exports aquaculture products for food companies, retail chains, restaurants, club stores, and distributors in the US and European markets
Karvy Investor services Ltd will be the book running lead manager for the issue and BigShare Services Pvt Ltd will be the registrar.