The Initial Public Offer consists of up to 1,34, 32.000 Equity Shares of face value of Rs 5 each.
3 min read Last Updated : Aug 24 2024 | 8:38 PM IST
Jeyyam Global Foods Ltd, manufacturers and involved in processing and supply of Bengal gram (Channa), fried gram, would come out with their Initial Public Offering on September 2 as it plans to raise Rs 80-Rs 82 crore to fuel its expansion plans, an official said on Saturday.
The city-headquartered company would utilise the funds to be raised for its foray into business to consumer (B2C) segments, capital expenditure besides, widening product portfolio, Shrreyans Mehta, a member of the Group said here.
“We have identified 99 clusters across India to procure the fried gram, polished channa and we will be doing the cleaning and grading at the place of procurement..We will also be launching soya chunks and vermicelli,” he told reporters on their future plans.
From the funds to be raised, he said, the company would set up three manufacturing units, one each in Latur, and Nanded in Maharashtra and the third facility at Indore, Madhya Pradesh.
“We will be scaling up the production of fried gram from 55,000 tonne capacity a year by 30 percent, capacities of cleaning and grading of Bengal grams (Channa), fried grams to 2.15 lakh tonne (a year) Besan Flour to 40,000 tonne a year, from the current 10,000 tonne.” he said.
On the IPO, company officials said the price brand of the offer has been fixed from Rs 59 per equity share to Rs 61 per equity share.
The Initial Public Offer consists of up to 1,34, 32.000 Equity Shares of face value of Rs 5 each, which comprises of fresh issue of up to 1,20,88,800 Equity Shares of face value of Rs 5 each and offer for sale of up to 13,43,200 equity shares.
The company plans to raise Rs 79.25 crore at the lower end of the price band and Rs 81.94 crore at the higher end of the price band.
Giving a break up on the funds to be raised, he said Rs 19 crore would be utilized for capital expenditure, Rs 35 crore for working capital needs and balance towards the general corporate purposes.
The Anchor Investor Bidding would be on August 30, while the IPO opens on September 2 and closes on September 4, Corpwis Advisors Pvt Ltd Director Vishal Kumar Garg said. The promoters of the company are Managing Director Amit Agarwal, Sales and Marketing head Shripal Veeramchand Sanghvi, Sujathaa Mehta (Shanti Guru Industries Ltd).
Jeyyam Global Foods had reported revenues of Rs 250 crore as of March 2022, Rs 320 crore in March 2023 and Rs 630 crore in March 2024. For the current financial year, the company expects to register a top line of Rs 750-780 crore.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Aug 24 2024 | 8:38 PM IST
https://www.business-standard.com/markets/ipo/jeyyam-global-foods-ipo-to-be-out-on-sept-2-seeks-to-raise-rs-80-82-cr-124082400792_1.html
