Temasek-backed StarAgri, a leading post-harvest management services company, has filed its draft red herring prospectus with SEBI for raising ₹450 crore through initial public offering.

The IPO will feature a fresh issue of shares worth ₹450 crore and an offer-for-sale of 2.69 crore shares. Among the key stakeholders, Claymore Investments (Mauritius) Pte, a Temasek Holdings subsidiary, will offload 1.19 crore shares, with the remaining shares offered by StarAgri’s promoters. The company is also exploring a pre-IPO placement of ₹90 crore.

The funds raised will power StarAgri’s ambitious plans to strengthen its operations, with ₹245 crore earmarked for working capital, ₹100 crore to bolster the subsidiary Agriwise Finserv, and the remainder allocated for corporate purposes.

Founded in 2006, StarAgri is renowned for its tech-enabled services, which include warehousing, procurement, collateral management and a digital marketplace that connects farmers and stakeholders.

In FY24, the company’s profit grew by 67 per cent to ₹44 crore, while revenue increased 42 per cent to ₹989 crore. The momentum continues in FY25, with Q1 profits at ₹22 crore on revenue of ₹338 crore.

Published on December 13, 2024