Nekkanti Sea Foods Files Draft Prospectus For Rs 750 Crore IPO
Sea foods exporter Nekkanti Sea Foods has filed draft prospectus with capital markets regulator SEBI to raise an estimated Rs 750 crore through an initial share sale.
The company is the third sea foods exporter that approached the markets regulator with IPO papers in less than a month. Earlier, Sandhya Marines and Devi Seafoods had filed filed their respective preliminary papers with the market watchdog.
Nekkanti Sea Foods' IPO comprises fresh issuance of shares worth Rs 250 crore, besides, an offer for sale of up to 80 lakh equity shares by the existing shareholders, according to the draft red herring prospectus. Proceeds of the issue will be utilised towards working capital requirements.
According to merchant banking sources, the company is expected to raise Rs 750 crore through the initial public offer.
Motilal Oswal Investment Advisors will manage the company's public issue. Equity shares are proposed to be listed on BSE and NSE.
Nekkanti Sea Foods is among the country's leading processors and exporters of processed frozen shrimp products with over three decades of operations.
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