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Apex Frozen Foods shares trade up 14% on stock market debut

LiveMint logoLiveMint 04-09-2017 Ami Shah

Mumbai: Shrimp exporter Apex Frozen Foods made a stock market debut at Rs199.90, up 14.2% from its issue price of Rs175 per share, on Monday.

The company, which deals in aquaculture products, was subscribed more than six times on the final day of the bidding on Thursday.

The IPO, which had a price band of Rs171-175, aimed to raise up to Rs152 crore. The offer was open for public subscription from 22-25 August. It has already raised over Rs43 crore from anchor investors.

The issue comprised a fresh issue of 725,000 shares and an offer for sale of 145,000 shares by promoters Karuturi Satyanarayana Murthy (725,000 shares) and Karuturi Padmavathi (725,000 shares).

Karuturi Satyanarayana Murthy, chairman of the company, will sell 1.45 million shares in an offer for sale.

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.

Established in 1997, Apex Frozen is an integrated producer and exporter of shelf stable and ready-to-cook products to a diversified customer base consisting of food companies, retail chains, restaurants, club stores and distributors across the US, UK and European countries.

The company sells aquaculture products under the brands Bay Fresh, Bay Harvest and Bay Premium

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