Apex Frozen Foods hits new high since listing; up 108% against IPO price

Apex Frozen foods hit a brand new high of Rs 364, up eight% on BSE in intra-day trade, appreciating 108% towards its initial public provide (IPO) charge of Rs 175 according to share.

on account that its list on September 4, 2017, the inventory of the company engaged in aquaculture merchandise commercial enterprise rallied 73% from Rs 210. On comparison, the benchmark S&P BSE Sensex changed into down 0.23% at some point of the period.

On first day of its list, Girik Wealth Advisors non-public Ltd PMS had bought 311,077 shares of Apex Frozen meals at Rs 211.91 in step with proportion. Tantallon India Fund purchased 180,825 stocks at Rs 210.78 in keeping with proportion, the NSE bulk deal facts indicates.
BNP Paribas Arbitrage however, bought 200,000 stocks of Apex Frozen foods at Rs 211.95 according to percentage.

Apex Frozen meals had raised about Rs 152 crore through IPO. The proceeds from the problem might be utilised closer to putting in a brand new shrimp processing unit with a potential of 20,000 tonnes according to annum in Andhra Pradesh and for widespread corporate purposes.

The organisation is an integrated manufacturer and exporter of shelf stable and equipped-to-cook dinner merchandise to a assorted purchaser base including meals agencies, retail chains, eating places, membership stores and vendors throughout the united states, united kingdom and ecu international locations. The organisation sells aquaculture merchandise beneath 3 brands, specifically, Bay fresh, Bay Harvest and Bay premium.

GET LIVE UPDATES ON MARKET

Apex Frozen Foods hits upper circuit of 20% post stellar debut

STOCK MARKET - Apex Frozen Foods, that deals in aquaculture products, made a stellar debut on the bourses on Monday by listing at Rs 199.90 on the BSE, over 14% premium to its issue price of Rs 175.

The stock rallied as much as 20% against issue price to hit its upper circuit of Rs 209.85 on the BSE.

On the NSE, the stock listed at Rs 202 and advanced 21% to clock its intraday high of Rs 212.

The initial public offer (IPO) of Apex Frozen Foods  was subscribed more than six times on the final day of the bidding on August 24.

The IPO, with an aim to raise up to Rs 152 crore, received bids for 3,78,71,280 shares as against the total issue size of 62,10,000, indicating a subscription of 6.10 times, Apex Frozen Foods said in a statement.

Of these, high networth individuals and retail categories were subscribed 7.82 times and 8.46 times respectively, while the portion reserved for qualified institutional buyers was subscribed 1.91 times, it added.

GET LIVE UPDATES ON MARKET