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Apex Frozen Ltd has received the capital market regulator SEBI’s approval to float an initial public offering.
The company had filed draft papers with the Securities and Exchange Board of India (SEBI) in March and got “observations” from the regulator on April 11, which is imperative for any firm to launch public offer according to the latest update.
The initial offer will comprise a fresh issue of 72.5 lakh shares and an offer for sale (OFS) of up to 14.5 lakh by the existing shareholders, according to the draft red herring prospectus (DRHP).
The IPO proceeds will be used for setting up a new shrimp processing unit in East Godavari district, Andhra Pradesh, and for general corporate purposes.
Andhra Pradesh-based Apex Frozen is the integrated producer and exporter of shelf stable quality aquaculture products. It supplies ready-to-cook products to a diversified customer base consisting of food companies, retail chains, restaurants, club stores and distributors.
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