Srivari Spices and Foods Limited, a leading manufacturer of various spices and wheat flour, has announced its plans to go public with an Initial Public Offering (IPO) on August 7, 2023. The company is aiming to raise ₹ 9 crore on upper band price through this IPO, with shares set to be listed on the NSE EMERGE platform. The fresh issue size is Upto 21,42,000 equity shares at face value of ₹ 10 each.
- Issue Opens on: Monday, August 7, 2023
- Issue Closes on: Wedbesday, August 9, 2023
- Face Value: ₹ 10 per equity share
- Issue Size: Upto 21,42,000 equity shares of ₹ 10 each
- Issue Size: ₹ 8.57 crore – ₹ 9.0 crore
- Price Band: ₹ 40 – ₹ 42
- Market Lot Size: 3,000 Equity Shares
The net proceeds from the IPO will be utilized to fund working capital requirements and general corporate purpose. The issue closes on August 9, 2023. The Book Running Lead Manager to the Issue is GYR Capital Advisors Private Limited and Registrar to the Issue is Bigshare Services Private Limited.
Mr. Rathi Narayan Das, Chairman, Srivari Spices and Foods Limited said, “Our mission is to supply organic and quality products to our customers. Currently we are supplying in and around Telangana and Andhra Pradesh, and the IPO funding will enable us to expand our reach and provide us the working capital to grow our business more effectively increasing our market share. Further, the issue will also help us enhance our brand and create a public market for our equity shares.”
About the Company
Incorporated in 2019, Srivari Spices and Food Limited, is a leading manufacturer of spices and flour (Chakki Atta). The Company has its major presence in Telangana and Andhra Pradesh. The Company has started its business with manufacturing of Turmeric, Chilli and coriander powder and within four years, it expanded its product mix to various spices and manufacturing Chakki Aata. The products are free of preservatives and hence being organic sees a very good demand.
The Company has two state of art facilities in Telangana. Company’s products are available at 15,000 retail stores. The Company operates both D2C (Direct to Consumer) and also B2B delivering its products to the suppliers. The raw material is sourced directly from farmers ensuring the quality while it also helps in pricing the products much cheaper than the competitors. Thus, diversified product portfolio, quality products at competitive pricing helps Company to penetrate the niche segment of the market and establish customer base in and around Telangana and Andhra Pradesh. The Company has reported net revenues of ₹35.82 crore and net profit of ₹ 3.13 crore for FY23.
