Shivashrit Foods Launches Rs 70.03 Crore IPO with 9% Grey Market Premium
Shivashrit Foods, a potato flakes manufacturer and exporter, opens its IPO to raise Rs 70.03 crore. The IPO includes a fresh issue of Rs 61.29 crore and an offer for sale of Rs 8.75 crore. Price band set at Rs 135-142 per share with a lot size of 2,000 shares. Grey market premium indicates 9% listing premium. The company, founded in 2017, exports to over 20 countries and reported a revenue of Rs 105.85 crore, up 36% year-on-year. The IPO closes on Tuesday, with expected listing on September 1, 2023, on the NSE SME platform.
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Shivashrit Foods, a prominent potato flakes manufacturer and exporter, has opened its Initial Public Offering (IPO) for subscription, aiming to raise Rs 70.03 crore. The IPO has garnered attention with a grey market premium of 9%, suggesting investor optimism about the company's market debut.
IPO Details
The IPO comprises two components:
- Fresh issue: Rs 61.29 crore
- Offer for sale: Rs 8.75 crore
The company has set the price band at Rs 135-142 per share, with a lot size of 2,000 shares. Investors looking to participate will need to make a minimum investment of Rs 2.70 lakh.
Grey Market Premium
The grey market is showing a premium of 9% for Shivashrit Foods' shares, indicating a potential listing premium of Rs 12-13 per share. This suggests positive sentiment among investors ahead of the official listing.
Company Overview
Founded in 2017, Shivashrit Foods has quickly established itself as a significant player in the potato flakes industry. The company's manufacturing operations are based in Aligarh, Uttar Pradesh, strategically positioned to serve both domestic and international markets.
Export Reach
Shivashrit Foods has demonstrated strong export capabilities, with its products reaching over 20 countries. Key export destinations include:
- United States
- Brazil
- Israel
- Mexico
- Indonesia
This extensive international presence underscores the company's global market penetration and potential for further expansion.
Financial Performance
The company has reported robust financial results:
| Metric | Amount (Rs Crore) | Year-on-Year Change |
|---|---|---|
| Revenue | 105.85 | 36% increase |
| Profit After Tax | 12.06 | 4% growth |
These figures reflect Shivashrit Foods' strong market position and operational efficiency.
IPO Timeline
- Opening Date: Currently open for subscription
- Closing Date: Tuesday (specific date not provided)
- Expected Listing Date: September 1, 2023
- Listing Venue: NSE SME platform
Investors and market watchers will be keenly observing the performance of Shivashrit Foods' IPO, given its strong financial growth and expanding international presence. The company's listing on the NSE SME platform is anticipated to provide it with increased visibility and access to capital for future growth initiatives.
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