Freshara Agro Exports IPO is a book built issue of Rs 75.39 crores. The issue is entirely a fresh issue of 64.99 lakh shares.
Freshara Agro Exports IPO opens for subscription on October 17, 2024 and closes on October 21, 2024. The allotment for the Freshara Agro Exports IPO is expected to be finalized on Tuesday, October 22, 2024. Freshara Agro Exports IPO will list on NSE SME with tentative listing date fixed as Thursday, October 24, 2024.
Freshara Agro Exports IPO price band is set at ₹110 to ₹116 per share. The minimum lot size for an application is 1200 Shares. The minimum amount of investment required by retail investors is ₹139,200. The minimum lot size investment for HNI is 2 lots (2,400 shares) amounting to ₹278,400.
GYR Capital Advisors Private Limited is the book running lead manager of the Freshara Agro Exports IPO, while Purva Sharegistry India Pvt Ltd is the registrar for the issue. The market maker for Freshara Agro Exports IPO is Giriraj Stock Broking.
Refer to Freshara Agro Exports IPO RHP for detailed information.
Freshara Agro Exports IPO Details
| IPO Date | October 17, 2024 to October 21, 2024 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price Band | ₹110 to ₹116 per share |
| Lot Size | 1200 Shares |
| Total Issue Size | 6,499,200 shares (aggregating up to ₹75.39 Cr) |
| Fresh Issue | 6,499,200 shares (aggregating up to ₹75.39 Cr) |
| 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 Giriraj Stock Broking |
Freshara Agro Exports IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50.00% of the Net offer |
| Retail Shares Offered | Not less than 35.00% of the Net Offer |
| NII (HNI) Shares Offered | Not less than 15.00% of the Net Issue |
Freshara Agro Exports IPO Anchor Investors Details
Freshara Agro Exports IPO raises Rs 20.43 crore from anchor investors. Freshara Agro Exports IPO Anchor bid date is October 16, 2024.
| Bid Date | October 16, 2024 |
| Shares Offered | 1,761,600 |
| 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 IPO Timeline (Tentative Schedule)
Freshara Agro Exports IPO opens on October 17, 2024, and closes on October 21, 2024.
| IPO Open Date | Thursday, October 17, 2024 |
| IPO Close Date | Monday, October 21, 2024 |
| Basis of Allotment | Tuesday, October 22, 2024 |
| Initiation of Refunds | Wednesday, October 23, 2024 |
| Credit of Shares to Demat | Wednesday, October 23, 2024 |
| Listing Date | Thursday, October 24, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on October 21, 2024 |
Freshara Agro Exports IPO Lot Size
Investors can bid for a minimum of 1200 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1200 | ₹139,200 |
| Retail (Max) | 1 | 1200 | ₹139,200 |
| HNI (Min) | 2 | 2,400 | ₹278,400 |
| Lot Size Calculator | |||
Freshara Agro Exports IPO Promoter Holding
Mr. Junaid Ahmed, Mr. Iqbalahmed Khudrathullah Mohammed, and Mrs. Asma Syed are the company’s promoters.
| Share Holding Pre Issue | 86.50% |
| Share Holding Post Issue |
About Freshara Agro Exports Limited
Freshara Agro Exports Limited, formerly known as Freshara Picklz Exports, was established in 2015 and procures, processes and exports preserved Gherkins and other pickled goods from India to various countries across the world.
Under a contract farming program, the company exports raw produce from local farmers in Tamil Nadu, Karnataka, and some parts of Andhra Pradesh. 70% of the produce is “not ready-to-eat” and is supplied directly to factories for further processing and conversion into finished products. The remaining 30% is supplied to food brokers and traders in the international market. The company’s products include gherkins, baby corn, jalapenos, and other pickled vegetables.
As of March 31, 2024, the company processes and exports pickled vegetables in 3 different packaging categories. The details of the 3 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 is accredited by a number of 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, Brand Reputation through Compliance Global Standard (BRCGS).
Competitive strengths:
- Good relationships with contract farmers and other suppliers ensure the availability of raw materials in the off-season
- Supporting an efficient supply chain enables the company to maintain long-term and intensive customer relationships
- Quality assurance and control of product quality, which has earned the company various awards and accreditations
- Advanced in-house processing facilities with a focus on cost competitiveness
- A comprehensive product portfolio that enables the company to serve its customers around the world
- Proven financial performance and a scalable business model
- Experienced promoter and management team
As of September 30, 2024, the company had a total of 135 employees.
Company Financials
Freshara Agro Exports Limited Financial Information (Restated)
Freshara Agro Exports Limited’s revenue increased by 56% and profit after tax (PAT) rose by 140% between the financial year ending with March 31, 2024 and March 31, 2023.
| Period Ended | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 | ||||||||||||||||||||||||||||||||||||
| Assets | 16,599.73 | 28,853.09 | 8,490.64 | 5,887.64 | ||||||||||||||||||||||||||||||||||||
| Revenue | 10,746.11 | 19,801.58 | 12,700.22 | 11,840.68 | ||||||||||||||||||||||||||||||||||||
| Profit After Tax | 1,137.81 | 2,182.41 | 908.2 | 97.36 | ||||||||||||||||||||||||||||||||||||
| Net Worth | 3,834.58 | 5,958.45 | 1,855.49 | 931.58 | ||||||||||||||||||||||||||||||||||||
| Reserves and Surplus | 2,134.58 | 996.77 | ||||||||||||||||||||||||||||||||||||||
| Total Borrowing | 10,625.22 | 17,618.1 | 4,173.89 | 3,479.1 | ||||||||||||||||||||||||||||||||||||
| Amount in ₹ Lakhs | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
The market capitalization of Freshara Agro Exports IPO is Rs 272.59 Cr.
KPI as of September 30, 2024.
| KPI | Values |
|---|---|
| ROCE | 12.31% |
| Debt/Equity | 2.77 |
| RoNW | 29.67% |
| P/BV | 7.31 |
| PAT Margin (%) | 10.98 |
Check Freshara Agro Exports IPO Peer Comparison here.
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 12.84 | 9.68 |
| P/E (x) | 9.04 | 11.98 |
Note:
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2024 that is available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of September 30, 2024 that is available in RHP.
Objects of the Issue (Freshara Agro Exports IPO Objectives)
The Company proposes to utilize the funds which are being raised towards funding the following objects:
- To meet the Capital Expenditure;
- Funding the working capital requirements of the company;
- To meet the General Corporate Purposes; and
- To meet the Issue Expenses.
Please note: The financial data for March 31, 2024, was calculated by adding the financial data for the period up to January 23, 2024, and the financial data from January 24, 2024, to March 31, 2024.
Freshara Agro Exports IPO Prospectus
Freshara Agro Exports Limited Contact Details
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/
Freshara Agro Exports IPO Registrar
Purva Sharegistry India Pvt Ltd
Phone: +91-022-23018261/ 23016761
Email: newissue@purvashare.com
Website: https://www.purvashare.com/investor-service/ipo-query