Essex Marine Launches Rs 23.01 Crore IPO on BSE SME Platform
By ScanX News Team
Essex Marine, a seafood processing and export company, has opened its IPO on the BSE SME platform to raise Rs 23.01 crore. The IPO is priced at Rs 54 per share and will be open until August 6. The company is offering 42.62 lakh fresh equity shares with a minimum lot size of 4,000 shares. Essex Marine reported revenue of Rs 29.86 crore and net profit of Rs 4.10 crore for the nine months ended December. The IPO proceeds will be used for expansion, establishing a ready-to-cook section, meeting working capital needs, debt repayment, and general corporate purposes. The expected listing date is August 11.
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Essex Marine, a seafood processing and export company, has opened its Initial Public Offering (IPO) on the BSE SME platform, aiming to raise Rs 23.01 crore. The IPO, which opened today, is priced at Rs 54 per share and will remain open for subscription until August 6.
IPO Details
- Issue Size: 42.62 lakh shares
- Issue Type: Fresh equity shares only
- Price per Share: Rs 54.00
- Minimum Lot Size: 4,000 shares
- Minimum Investment Required: Rs 2.16 lakh for retail investors
Company Overview
Essex Marine operates a seafood processing facility in West Bengal. The company specializes in exporting marine products to international markets, including:
- Ribbon fish
- Squid
- Mackerel
- Eel fish
- Vannamei shrimp
Their primary export destinations include China, Belgium, and Japan.
Financial Performance
For the nine months ended December, Essex Marine reported:
- Revenue: Rs 29.86 crore
- Net Profit: Rs 4.10 crore
Use of IPO Proceeds
The funds raised through this IPO will be utilized for various purposes:
- Expansion of seafood peeling capacity
- Establishment of a ready-to-cook section
- Meeting working capital requirements
- Repayment of existing debt
- General corporate purposes
IPO Timeline
- Subscription Closing Date: August 6
- Allotment Date: August 7
- Expected Listing Date: August 11
This IPO presents an opportunity for investors interested in the seafood processing and export sector. As always, potential investors should carefully review the company's prospectus and consider their own financial goals and risk tolerance before making any investment decisions.
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