Crazy Snacks Ltd. filed the draft red herring prospectus with the Securities and Exchange Board of India on Wednesday to raise funds through an initial public offering.
The IPO is a mix of both an offer for sale of 13.98 lakh shares at a face value of Rs 10 each and a fresh issue of 56 lakh shares respectively, according to the DRHP.
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The company will not receive any net proceeds from the OFS. The shareholders selling their respective shareholding will be eligible to receive the net proceeds.
The funds raised through the fresh issue will be utilised to fund capital expenditure by purchasing machinery, equipment and infrastructure enhancement in the company's present manufacturing unit. The bakery products manufacturer also plans to use the fund towards repaying or prepaying its outstanding borrowings and also for general corporate purposes.
Crazy Snacks will "benefit" from the listing of its equity shares on the SME Platform of the BSE, helping the company in improving its visibility and brand image, it said.
Inventure Merchant Banker Services Pvt. is the book-running lead manager, while Kfin Technologies Ltd. is the registrar to the issue.
Crazy Snacks provides a wide range of bakery products to fulfil the everyday needs of Indian consumers. Their portfolio includes bread, buns, cakes, and rusks, with 150 products. They focus on providing affordable and high-quality options, making their products a reliable choice for households.
The bread manufacturer mainly operates in Uttar Pradesh and Bihar, contributing to almost 97% of its consolidated revenue from operations in the last fiscal, underscoring their significance to its business. Its two manufacturing facilities are strategically positioned to efficiently serve customers across these regions.
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