Kolkata-based Annapurna Swadisht Ltd, a packaged snacks, food and beverage company, has filed Draft Red Herring Prospectus (DRHP) with NSE Emerge for its proposed Initial Public Offering (IPO). The IPO comprises the issue of 43.22 lakh equity shares (face value ₹10) through the book-building route.
The company has appointed Corporate Capital Ventures Pvt Ltd as the lead manager for the issue. Skyline Financial Service Pvt Ltd has been appointed registrar to the issue.
Funding growth plans
The proceeds of the IPO will be used by the company for funding its growth plans – including setting up additional manufacturing units in West Bengal and expanding the product range to eastern and north-eastern states in the country. The company currently has two manufacturing facilities at Asansol and Siliguri in West Bengal.
Annapurna Swadisht started operations in 2016. It operates over 35 SKUs ranging from extruded snacks to pellet-based snacks to potato snacks to namkeens to candies and cakes.
The company primarily caters to the tier-III and tier-IV markets across Bihar, Jharkhand, West Bengal, Odisha and Assam. It currently has around 400 distributors. It recently forayed into the Direct-to-Customer (D2C) segment with the Olonkar range of products and has tied up with Big Basket for distribution.