The seafood producer company Penver Products is preparing to present an IPO. They have filed draft papers on Thursday with market regulator Sebi. It is being told that the company will raise Rs 242 crore from the issue.
According to the company, shares of existing shareholders will be sold along with issuing new shares in this IPO. Existing shareholders are going to sell their 41,08,000 shares. The company will use the proceeds from the IPO to set up shrimp processing unit of pre-processing centre in Andhra Pradesh.
Apart from this, the company is planning to repay its debt and also spend this income in other corporate needs. Penver, a Kerala company, has been active in seafood business for nearly two decades. The company works from production to processing.
This week the micro finance company Sprint Inspiration had also filed draft papers to present its IPO. Last week, home loan company housing financers have sought permission from SEBI to present their IPO.
When it comes to Penver products, then the company works for distribution, processing, processing and distribution abroad. The company has a wide network of seafood distribution and retail in many parts of the country and the world.
The responsibility of managing this IPO has been entrusted to Karvy Investor Services, MK Global Financial Services and Equius Capital. In the financial year 2018, Penver’s total income was Rs 698.42 crore, which was Rs 205.52 crore in FY 17.
In the last few months, many seafood companies have provided the requisite for the IPO. These include Devi Seafoods, Nekkanti Seafoods and Sandhya Marines
It is a upcoming ipo in India 2018 which are currently just submitted its draft papers to SEBI, lets check more information here:
Penver Products IPO Reviews:
– To Be Updated.
|Penver Products IPO Details|
|Subscription Dates||To be updated|
|Issue Price Band||To be updated|
|Minimum bid (lot size)||To be updated|
|Face Value||To be updated|
|IPO Size||INR 240 Cr|
|Issue Type||To be updated|
|Listing At||BSE, NSE|