The shares of Apex Frozen Foods opened the day in trade upon listing at Rs. 199.9 higher by 14% in comparison to its issue price of Rs. 175 per share. On the last bidding day, the IPO issue was subscribed over six times. The IPO of the company with an aim of raising a total of Rs. 152 crore was kept open from 22-25 August has a price band of Rs. 171-175. The shrimp exporter company has already raised a total of Rs. 43 crore from anchor investors.
The issue included a fresh issue of 725,000 shares and an OFS of 145,000 shares by promoters Karuturi Satyanarayana Murthy and Karuturi Padmavathi.The money garnered through the issue shall be utilized in setting up a novel shrimp processing facility of 20000 tonnes per annum capacity at Andhra Pradesh and for other general corporate purposes.
Apex Frozen, established in the year 1997, is primarily engaged in selling aquaculture products under Bay Harvest, Bay Premium and Bay Fresh. The company produces as well as exports shelf stable as well as read to cook products to different customer segments across the UK, US and European nations.
At 1:55 pm, the stock was trading higher by 19% and 21% at Rs.209.85 and Rs.212.10 on the BSE and NSE respectively.