SeedWorks International Files Draft Papers With SEBI For IPO
SeedWorks International is a seed research and development company that specialises in the research, production, and marketing of hybrid seeds.
SeedWorks International Ltd. on Tuesday filed its preliminary papers with the Securities and Exchange Board of India for an initial public offering. The public offer will include an offer-for-sale of 5.19 crore shares by shareholders.
True North Fund V LLP is a promoter of the company, offloading shares in the offer for sale. Additionally, investor South Asia Growth Fund II Holdings LLC and individual shareholder Balaji Manmohan Nukal will also be selling stakes in the OFS.
The company will not receive any proceeds from the offer as the proceeds will be distributed among the shareholders offloading their stake.
Equirus Capital Pvt. Ltd., DAM Capital Advisors Ltd. and SBI Capital Markets Ltd. are the book-running lead managers for the issue and KFin Technologies Ltd. will be the registrar of the issue. The equity shares are proposed to be listed on the National Stock Exchange of India and BSE Ltd.
Business
SeedWorks International is a seed research and development company that specialises in the research, production, and marketing of hybrid seeds for a wide range of crops, including rice, cotton, pearl millet, mustard, vegetables, and fruits. In addition, the company also offers open-pollinated variety seeds for crops such as rice, wheat, and mustard.
The company was ranked as the second fastest-growing Indian seed company in terms of revenue growth between fiscal 2021 and fiscal 2024, according to an F&S report.
SeedWorks ranks third in cotton seeds, fourth in hybrid rice, and fourth in pearl millet seeds based on volume sold in India during fiscal 2024. It also has international presence.
