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Apex Frozen Foods IPO oversubscribed 6 times on final day

LiveMint logoLiveMint 24-08-2017 PTI

New Delhi: The initial public offer (IPO) of Apex Frozen Foods that deals in aquaculture products was subscribed more than six times on the final day of the bidding Thursday.

The IPO, with an aim to raise up to Rs152 crore, received bids for 3,78,71,280 shares as against the total issue size of 62,10,000, indicating a subscription of 6.10 times, Apex Frozen Foods said in a statement.

Of these, high networth individuals (HNI) and retail categories were subscribed 7.82 times and 8.46 times respectively, while the portion reserved for qualified institutional buyers was subscribed 1.91 times, it added.

The offer, which opened for public subscription from 22 August, closed Thursday. Apex Frozen Foods on Monday raised over Rs43 crore from anchor investors. The offer of up to 87 lakh shares, including the anchor portion of 24,90,000, with a face value of Rs10 each was in the price band of Rs171-175.

The IPO comprised fresh issue of 72.50 lakh shares and an offer for sale of 14.50 lakh by promoters. At the upper end, the public issue can fetch up to Rs152.25 crore while at the lower limit, the company will raise at least Rs148.77 crore.

Proceeds from the issue will be utilised towards setting up a new shrimp processing unit with a capacity of 20,000 tonnes per annum in Andhra Pradesh and for general corporate purposes. The shares will be listed on the NSE and the BSE.

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