Apex Frozen Foods makes strong debut, opens at Rs 199.90 on BSE

NEW DELHI: Apex Frozen Foods, a smaller peer to listed Avanti Feeds, made a strong debut on the exchanges today by listing at Rs 199.90 on Bombay Stock Exchange (BSE) and Rs 200 on National Stock Exchange (NSE), a 14-15 per cent premium over its issue price of Rs 175.
The Rs 152-crore initial public offer was well received by the investors with the issue getting subscribed 6.10 times, receiving bids for 3.8 crore equity shares against the IPO size of 62.1 lakh shares (excluding anchor investors' portion).It will be listed and admitted to dealings on the exchanges in the list of 'T' Group of Securities.
The company is one of the integrated producer and exporter of shelf stable quality aquaculture products. The public offer up to 87 lakh shares was opened for subscription during August 22-24. The price band for the issue was Rs 171–175 per share.
Brokerage Nirmal Bang had a subscribe rating on the issue. "We like the business model of the company given its high asset turnover, customer stickiness and integrated business operations. At the upper end of the price band at Rs 175, the issue looks attractive and hence recommends investors to subscribe it for listing and long term gains."