Considering the upper price band of Rs 116, the stock is expected to list at a premium of 69% over the issue price.
However, it is important to note that grey market premiums are just an indicator as to how the company’s shares are stacked up in the unlisted market and are subject to change rapidly.
The net proceeds from the IPO will be utilized for working capital requirements, capital expenditure, general corporate expenses and issue expenses.
The company is engaged in the procurement, processing and exporting of preserved Gherkins and other pickled commodities from India to different countries of the world. Its procurement process involves direct sourcing from accredited farms and farmers dedicated to sustainable agricultural methodologies.
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Freshara Agro concludes buy-back agreements with the farmers and in turn supplies the farmers the necessary sowing material such as seeds to the identified small and marginal farmers.
It meticulously processes the procured Gherkins and other pickled vegetables within our processing facility, adhering to stringent quality and preservation protocols prior to exportation.
Gherkins are savored pickle vegetable relished globally and consumed in the markets of Europe, US, Australia, Russia, etc. as a delicacy with other food items.
“The IPO underscores our commitment to providing premium preserved gherkins and pickled vegetables while promoting sustainable farming practices that benefit our customers, farmers, and the environment,” said Junaid Ahmed, Chairman and MD, Freshara Agro Exports.
The company said strategic investments will support the expansion of its state-of-the-art facility, increasing production capacity and improving efficiency.
During the first half of the current fiscal, the Company achieved a revenue of Rs 103.6 crore, EBITDA of Rs 18 crore and a PAT of Rs 11.37 crore.
GYR Capital Advisors is the book running lead manager for the IPO and Purva Sharegistry is the registrar.
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