Telangana-based Srivari Spices and Foods that was subscribed a whopping 418.5 times, will be listed on the NSE-Emerge, the SME platform, on Friday.
Investors poured in nearly ₹2,700 crore worth of bids, against the issue size of ₹9 crore, bidding for 64.27 crore shares, against the offer size of 15.36 lakh equity shares. The price band of the issue was ₹40-42.
While the retail investors’ portion was subscribed 518 times, the non-institutional investors’ portion was subscribed 786 times, and the QIB portion 79 times.
The IPO, a complete fresh issue, raised ₹2.54 crore from anchor investors, including Neomile Growth Fund and Zinnia Global Fund Pcc-Cell Dewcap Fund.
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The company is engaged in the manufacture of spices and flour (chakki atta) and markets and sells it in and around Telangana and Andhra Pradesh. “We hand-pick our raw materials from various parts of the country, and process our products with utmost care without the use of artificial preservatives or chemicals, thereby, creating a product portfolio of organic spices and flour, which carry the freshness and goodness of each ingredient. We have created a unique business model, wherein we manufacture and package our products in quantities that can sustain a customer for the shelf life of our product, in order to avoid wastage,” it said in red herring prospectus.