Apex Frozen Foods Ltd. listed at a premium of 15.43 percent on the National Stock Exchange at Rs 202. The stock went on to gain as much as 21.2 percent, after listing.
The shrimp producer's Rs 152-crore initial public offer was subscribed over 6 times. High net worth individuals put in bids for 7.82 times the shares on offer while the retail category was subscribed 8.46 times. The portion reserved for qualified institutional buyers was subscribed 1.91 times.
The company said it will use most of the proceeds to set up a new shrimp processing unit with a proposed capacity of 20,000 million tonnes per annum in Andhra Pradesh.
The stock will be listed and admitted to dealings on the exchanges in the list of 'T' Group of Securities.
Financial Highlights
- Apex Frozen Foods' net worth stood at close to Rs 97 crore as of March 31, translating into a book value of Rs 31 per share after issuing the new shares.
- At the issue price of Rs 175 apiece, the earnings per share and price-earnings ratio for the year ended March, after issuing new shares, stand at Rs 7.8 and 22.4 times, respectively, according to BloombergQuint's calculations.
- Its revenue grew at a compounded annual growth rate (CAGR) of 28.6 percent and net profit rose at 27 percent over five years to March.
- Earnings before interest, tax and depreciation and amortisation grew at a CAGR of 19.5 percent, while the EBITDA margins contracted by 220 basis points in the last five years to 6.5 percent.
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