Apex Frozen Foods IPO subscribed 1.12 times

STOCK MARKET - The initial public offer (IPO) of Apex Frozen Foods that deals in aquaculture products was oversubscribed 1.12 times so far on the second day of bidding on Wednesday.

The IPO, with an aim to raise up to Rs 152 crore, received bids for 69,46,240 shares as against the total issue size of 62,10,000, NSE data till 1445 hours showed.

Apex Frozen on Monday raised over Rs 43 crore from anchor investors. The offer will close on Tuesday.

The offer of up to 87 lakh shares, including the anchor portion of 24,90,000, with a face value of Rs 10 each is in the price band of Rs 171-175.

At the upper end, it can fetch up to Rs 152.25 crore while at the lower limit, the company will raise at least Rs 148.77 crore.

The IPO comprises fresh issue of 72.50 lakh shares and an offer for sale of 14.50 lakh by promoters.

Proceeds from the issue will be utilised towards setting up a new shrimp processing unit with a capacity of 20,000 tonnes per annum in Andhra Pradesh and for general corporate purposes.

The shares will be listed on the NSE and the BSE.

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