Apex Frozen Foods' IPO hits capital market today, subscribed 12% on Day 1

NEW DELHI: Apex Frozen Foods, the aquaculture products exporter, hit the capital market today to raise up to Rs 152 crore through its initial public offer (IPO) for subscription starting August 22. The issue will close on August 24. The shares will be listed on NSE and BSE.
The IPO got subscribed by 12 per cent on Day 1 of the bidding process.
The IPO of up to 87 lakh equity shares of face value of Rs 10 each will be offered through a book-building route at a price band of Rs 171-175 per share. At the upper end, the shares can fetch up to Rs 152.25 crore while at the lower limit, the company will raise at least Rs 148.77 crore.
The issue will comprise of fresh issue of 72.50 lakh shares and an offer for sale of 14.50 lakh shares by promoters. Proceeds from the issue would 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.
Earlier, on August 21, the company allotted 24.90 lakh equity shares to three anchor investors at Rs 175 per piece, totalling Rs 43.57 crore. The anchor investors are Reliance Capital Trustee Company Ltd, HSBC Midcap Equity Fund, HSBC India Opportunities Fund and ITPL --Invesco India Contra Fund.