Freshara Agro Exports IPO: The subscription period for Freshara Agro Exports IPO begins on Thursday, October 17, and ends on Monday, October 21. The price band for the Freshara Agro Exports SME IPO has been set at ₹110–116 for each equity share with a face value of ₹10. After then, bids may be placed for multiples of 1,200 equity shares, with a minimum bid of 1,200 equity shares. The floor price is 11 times of the face value and the cap price is 11.60 times of the face value of the equity shares.
The company’s promoters are Mr. Junaid Ahmed, Mr. Iqbalahmed Khudrathullah Mohammed, and Mrs. Asma Syed.
Freshara Agro Exports’s activities revolve around acquiring, preparing, and shipping preserved Gherkins and other pickled products from India to various global destinations. Their acquisition process includes obtaining directly from certified farms and farmers committed to sustainable agricultural practices. The company finalises buy-back contracts with the farmers and reciprocally provides them with essential sowing materials like seeds for the identified small and marginal farmers.
The company’s processing facility in Tamil Nadu handles the processing of gherkins and other pickled vegetables to ensure high quality. The processed products are packed in food-grade drums, glass jars, and metal tins. Gherkins are enjoyed worldwide as a savory pickle and are popular in markets across Europe, USA, Australia, Russia, and other regions, where they are considered a delicacy when paired with other foods. Additionally, the company conducts product testing in their own laboratory within the processing facility, which is staffed by a dedicated team.
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Based on the red herring prospectus (RHP), the company states that there are no listed companies that are directly comparable to us in terms of our business model, size, and financials.
Freshara Agro Exports Limited saw a 56% growth in revenue and a 140% increase in profit after tax (PAT) from the fiscal year ending March 31, 2023 to March 31, 2024.
Freshara Agro Exports IPO’s basis of allotment of shares will be finalised on Tuesday, October 22 and the company will initiate refunds on Wednesday, October 23, while the shares will be credited to the demat account of allottees on the same day. Freshara Agro Exports share price is likely to be listed on NSE SME on Thursday, October 24.
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Freshara Agro Exports IPO details
Freshara Agro Exports IPO consists of fresh issue of 6,499,200 equity shares aggregating to ₹75.39 crore. There’s no offer for sale (OFS) component.
The funds raised will be used for the following purposes: covering capital expenditure, meeting the company’s working capital needs, addressing general corporate requirements, and handling the issue expenses.
Freshara Agro Exports IPO is being managed by GYR Capital Advisors Private Limited as the book running lead manager, with Purva Sharegistry India Pvt Ltd serving as the registrar for the issue. Giriraj Stock Broking is the market maker for the Freshara Agro Exports IPO.
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