Meir Commodities Ltd. on Saturday filed its preliminary papers with the Securities and Exchange Board of India to raise funds via an initial public offering. The offering will be a mix of fresh issues of shares up to 52 lakh shares and an offer-for-sale of up to 35 lakh shares by promoter selling shares.
The equity shares are proposed to be listed on the National Stock Exchange of India and BSE Ltd.
Rahil Ifran Iqbal Shaikh is the only promoter of the company offloading shares in the offer for sale. Smart Horizon Capital Advisors Ltd. is the book-running lead managers for the issue and Kfin Technologies Ltd. will be the registrar of the issue.
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Proceeds from the fresh issue to the extent of Rs 48.75 crore will be used for funding working capital requirements and general corporate purposes.
The Mumbai-based company is engaged in business-to-business trading of agricultural commodities, primarily sugar, khandsari, and sugar allied products. It operates as an intermediary and connects sugar mills and distributors.
Mier exports to over 15 countries, including the UAE, Turkey, Singapore, the UK, and Europe. The company imports pulses and spices from countries like Tanzania, Russia, South Africa, UAE, Canada, and Singapore to meet customer demand.
In financial year 2024, Mier was one of the largest exporters of khandsari and held a 4.2% share by value and 11.7% by volume. Since its inception, Mier has supplied over 13,31,901 metric tons of agricultural products, including 10,93,839 metric tons domestically and 2,38,062 metric tons in the global market.
To mitigate challenges posed by government restrictions on sugar exports, Mier has diversified its operations by expanding domestic sales, offering traditional products such as khandsari in global markets, and sourcing sugar from Brazil and independent Indian refineries.
Meir Commodities' consolidated revenue from operations and profit stood at Rs 910.65 crore and Rs 7.87 crore, respectively in financial year 2024.
For the six months ended Sept. 30, 2024, revenue from operations stood at Rs 541.64 crore and profit was at Rs 2.27 crore. For the nine months ended Dec. 31, 2024, revenue from operations stood at Rs 305.68 crore and profit stood at Rs 71.51 crore.
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