Freshara Agro Exports IPO Oversubscribed 21 Times on Day 2! Strong Demand from Retail and NII Investors – Check GMP & Key Details

The IPO of Freshara Agro Exports, a company known for exporting processed gherkins and pickled vegetables, has been a big hit, with bids coming in 21 times the offered shares by the second day of the subscription. There has been strong interest across different investor categories, with the retail portion being subscribed 29 times and the Non-Institutional Investors (NII) portion 23 times.

The IPO consists of a fresh sale of 64.99 lakh shares and will close on October 21. In the grey market, Freshara Agro Exports’ stock is showing a premium of 81% over the issue price of ₹116 per share.

The money raised from this IPO will be used for the company’s working capital needs, capital expenditure, general corporate purposes, and other expenses related to the issue.

Junaid Ahmed, the Chairman and Managing Director of Freshara Agro Exports, said that the IPO highlights the company’s commitment to delivering high-quality preserved gherkins and pickled vegetables while promoting sustainable farming practices that benefit their customers, farmers, and the environment.

The company plans to use part of the funds for expanding its advanced facility, which will help increase production and improve efficiency.

Freshara Agro Exports focuses on sourcing, processing, and exporting preserved gherkins and pickled vegetables. Their modern facility is located in Tirupattur, Tamil Nadu, and the company exports to over 40 countries.

Freshara also supports more than 4,000 farmers by promoting sustainable farming methods, offering technical help, and ensuring they receive fair pay.

In the first half of this fiscal year, the company recorded a revenue of ₹103.6 crore, an EBITDA of ₹18 crore, and a Profit After Tax (PAT) of ₹11.37 crore.

GYR Capital Advisors is the lead manager for the IPO, and Purva Sharegistry is handling the share registry process.