The city-based company would use the funds raised for its foray into business-to-consumer (B2C) segments, besides capital expenditure, expanding the product portfolio, said Shrreyans Mehta, a member of the Group.
“We have identified 99 clusters across India to procure fried gram, polished channa and we will do cleaning and grading at the procurement point. We will also be sourcing soya chunks and noodles,” he told reporters about his future plans.
Janmashtami 2024: Best destinations to celebrate the birth of Lord Krishna in India
With the funds raised, he said, the company will set up three manufacturing units, one in Latur and another in Nanded in Maharashtra and the third facility in Indore, Madhya Pradesh.
“We will increase the production of fried gram from a capacity of 55,000 tonnes per annum by 30 per cent, cleaning and grading capacities of Bengal gram (Channa), fried gram to 2.15 lakh tonnes (per annum) and Besan flour to 40,000 tonnes per annum, from the present 10,000 tonnes,” he said.
At the IPO, company officials said the offer price has been fixed at Rs 59 per equity share to Rs 61 per equity share.
The IPO consists of up to 1,343,200 equity shares of a face value of Rs 5 each, comprising a fresh issue of up to 1,208,800 equity shares of a face value of Rs 5 each and an offer for sale of up to 1,343,200 equity shares.
The company plans to raise Rs 79.25 crore at the lower end of the price band and Rs 81.94 crore at the upper end of the price band.
Giving a breakdown of the funds to be raised, he said Rs 19 crore will be used for capital expenditure, Rs 35 crore for working capital needs and the balance for general corporate purposes.
The Anchor Investor Bidding offer will be held on August 30, while the IPO will open on September 2 and close on September 4, said Vishal Kumar Garg, director, Corpwis Advisors Pvt Ltd. The promoters of the company are managing director Amit Agarwal, head of sales and marketing Shripal Veeramchand Sanghvi and Sujathaa Mehta (Shanti Guru Industries Ltd).
Jeyyam Global Foods had reported revenue of Rs 250 crore as of March 2022, Rs 320 crore in March 2023 and Rs 630 crore in March 2024. For the current financial year, the company expects to post a top line of Rs 750-780 crore.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.