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IPO of Apex Frozen Foods oversubscribed

Apex Frozen Foods launches IPO with an aim to raise up to Rs 152 crore funds.
BY BEx Bureau
BusinessEx
Aug 24, 2017

Apex Frozen Foods IPO kicks off with oversubscription of over 45% on the second day of its issue.

The agriculture product dealer Apex Frozen Foods raised over Rs 43 crore from its anchor investors on Monday. The offer will close on Tuesday.

The offer consists issue of 87 lakh shares which also includes 24,90,000 anchor portion having price band of Rs 171-175 with the face value of Rs 10 each.

The upper-end limit can go as high as Rs 152.25 crore but lower limit that company will raise funds is Rs 148.77 crore.

The IPO consists fresh issue of 72.50 lakh shares and sale offer of 14.50 lakh by promoters.

The company plans to use the raised funds for general operations and majorly for setting up a new processing unit with a capacity of 20,000 tonnes per annum in Andhra Pradesh.

The shares will be listed on the BSE and the NSE.

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