The Freshara Agro Exports IPO is a book-built issue amounting to ₹75.39 crores, consisting entirely of a fresh issue of 64.99 lakh shares. The subscription period for the Freshara Agro Exports IPO is scheduled from October 17, 2024, to October 21, 2024. The allotment is expected to be finalized by Tuesday, October 22, 2024, with the tentative listing date on NSE SME set for Thursday, October 24, 2024.
The price band for the Freshara Agro Exports IPO has been set between ₹110 and ₹116 per share. The minimum application lot size has been set at 1,200 shares, requiring a minimum investment of ₹139,200 for retail investors. High Net Worth Investors (HNIs) must apply for a minimum of 2 lots (2,400 shares), totaling an investment of ₹278,400.
| IPO Date | October 17, 2024 to October 21, 2024 |
| Listing Date | October 24, 2024 |
| Face Value | ₹ 10 / Share |
| Price Band | ₹ 110 to ₹ 116 / Share |
| Lot Size | 1200 Shares |
| Total Issue Size | ₹75.39 Cr |
| Fresh Issue | ₹75.39 Cr |
| Offer for Sale | |
| Employee Discount | |
| Issue Type | Book Built Issue IPO |
| Listing At | NSE SME |
| Share holding pre issue | 17,000,000 |
| Share holding post issue | 23,499,200 |
| Market Maker portion | 619,200 shares |
Freshara Agro Exports Limited IPO opens on October 17, 2024, and closes on October 21, 2024.
| IPO Open Date | October 17, 2024 |
| IPO Close Date | October 21, 2024 |
| Basis of Allotment | October 22, 2024 |
| Initiation of Refunds | October 23, 2024 |
| Credit of Shares to Demat | October 23, 2024 |
| Listing Date | October 24, 2024 |
| Cut-off time for UPI mandate confirmation | October 21, 2024 |
A minimum of 1,200 shares, and multiples thereof, can be bid by investors. The table below illustrates the minimum and maximum investment for retail investors and High Net Worth Investors (HNIs) in terms of shares and the corresponding amounts.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1,200 | Rs.139,200 |
| Retail (Max) | 1 | 1,200 | Rs.139,200 |
| S-HNI (Min) | 2 | 2,400 | Rs.278,400 |
| S-HNI (Max) | |||
| B-HNI (Min) | |||
| HNI (Min) |
| Share Holding Pre Issue | 86.50% |
| Share Holding Post Issue |
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | |
|
| Market Maker Shares Offered | |
|
| Other Shares Offered | |
|
| QIB Shares Offered | Not more than 50.00% of the Net offer |
|
| NII (HNI) Shares Offered | Not less than 15.00% of the Net Issue |
|
| bNII > ₹10L | |
|
| sNII < ₹10L | |
|
| Retail Shares Offered | Not less than 35.00% of the Net Offer |
|
| Employee Shares Offered | |
|
| Total Shares Offered | |
| Bid Date | 2024-10-16 |
| Shares Offered | |
| Anchor Portion Size (In Cr.) | 20.43 |
| Anchor lock-in period end date for 50% shares (30 Days) | November 21, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | January 20, 2025 |
Freshara Agro Exports Limited, formerly known as Freshara Picklz Exports, was established in 2015 and is engaged in the procurement, processing, and export of preserved gherkins and other pickled goods from India to various countries worldwide.
Under a contract farming program, raw produce is exported from local farmers in Tamil Nadu, Karnataka, and parts of Andhra Pradesh. Approximately 70% of the produce is "not ready-to-eat" and is supplied to factories for further processing into finished products. The remaining 30% is distributed to food brokers and traders in the international market. The company’s product range includes gherkins, baby corn, jalapenos, and other pickled vegetables.
As of March 31, 2024, the company exports pickled vegetables in three different packaging categories: (1) Industrial packaging in food-grade drums and pails; (2) Food packaging in plastic buckets and tin cans; and (3) Retail packaging in glass jars and tin cans.
The company holds accreditations from various leading organizations, including the Food Safety and Standards Authority of India (FSSAI), the United States Food & Drug Administration (FDA), Star-K Kosher, Agricultural and Processed Food Products Export Development Authority (APEDA), International Featured Standards, and Brand Reputation through Compliance Global Standard (BRCGS).
Competitive strengths include:
As of September 30, 2024, the company employed a total of 135 individuals.
| KPI | Values |
|---|---|
| ROE | |
| ROCE | 12.31% |
| Debt/Equity | 2.77 |
| RoNW | 29.67% |
| P/BV | 7.31 |
| PAT Margin (%) | 10.98 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 12.84 | 9.68 |
| P/E (x) | 9.04 | 11.98 |
The funds being raised by the company are proposed to be utilized for the following purposes:
Note: It is important to note that the financial data for March 31, 2024, has been calculated by combining the financial data from the period up to January 23, 2024, with the financial data from January 24, 2024, to March 31, 2024.
Freshara Agro Exports Limited Old No.3, New No.9, Puram Prakasam Road, Balaji Nagar, Royapettah, Chennai - 600014 Phone: +91 44 4357 0138 Email: cs@fresharaagroexports.com Website: https://fresharaagroexports.com/ |
Purva Sharegistry India Pvt Ltd Phone: +91-022-23018261/ 23016761 Email: newissue@purvashare.com Website: https://www.purvashare.com/investor-service/ipo-query |
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