Freshara Agro Exports IPO Opens Oct 17: Price Band ₹110-116 Per Share, Subscription Details Inside

Freshara Agro Exports is launching its Initial Public Offering (IPO) on Thursday, October 17, 2024. The subscription period will remain open until Monday, October 21. The price range for the shares is set between ₹110 and ₹116 each, with a face value of ₹10 per share. Investors can bid for a minimum of 1,200 shares, and then in multiples of 1,200 after that. The floor price is 11 times the face value, while the cap price is 11.6 times.

The company is led by its promoters, Mr. Junaid Ahmed, Mr. Iqbalahmed Khudrathullah Mohammed, and Mrs. Asma Syed.

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Freshara Agro Exports focuses on buying, processing, and exporting preserved gherkins and other pickled vegetables from India to global markets. They source these products from certified farms that practice sustainable agriculture. Freshara provides farmers with essential materials like seeds and signs buy-back contracts with them to ensure a steady supply.

Their processing facility in Tamil Nadu ensures that high-quality standards are met, with products packed in food-grade drums, glass jars, and metal tins. Gherkins, enjoyed as a savory pickle, are popular in Europe, the USA, Australia, Russia, and other regions. The company also tests its products in an on-site lab to maintain quality.

According to the red herring prospectus, there are no other listed companies in India directly comparable to Freshara in terms of its business model or size.

From March 31, 2023, to March 31, 2024, Freshara Agro Exports saw a 56% growth in revenue and a 140% rise in profit after tax (PAT).

The allotment of shares will be finalized on Tuesday, October 22, with refunds initiated on Wednesday, October 23. Shares will be credited to the demat accounts of successful bidders on the same day, and Freshara’s shares will be listed on NSE SME on Thursday, October 24.

Freshara Agro Exports IPO consists of a fresh issue of 6,499,200 shares, worth ₹75.39 crore. There is no offer for sale (OFS) component. The money raised will be used for capital expenses, working capital needs, general corporate requirements, and covering the IPO-related costs.

GYR Capital Advisors Private Limited is managing the IPO, Purva Sharegistry India Pvt Ltd is the registrar, and Giriraj Stock Broking is the market maker.