Srivari Spices and Foods Limited IPO Opens on 7th August, 2023
Mumbai (Maharashtra) [India], August 4:Srivari Spices and Foods Limited, a leading manufacturer of various spices and wheat flour, has announced its plans to go public with an Initial Public Offering (IPO) on August 7th, 2023. The company is aiming to raise ₹9crore on upper band pricethrough this IPO, with shares set to be listed on the NSE EMERGE platform.
The fresh issue size isUpto21,42,000equity shares at face value of₹ 10 each.
Equity Share Allocation
- Qualified Institutional Buyers (QIB) –Upto10,14,000 Equity Shares
- Non-Institutional Investors (NII) –Upto3,06,000 Equity Shares
- Retail Individual Investors (RII) –Upto7,14,000 Equity Shares
- Market Maker –Upto1,08,000 Equity Shares
The net proceeds from the IPO will be utilized to fund working capital requirements and general corporate purpose.The issue closes on August 9th, 2023.
TheBook Running Lead Manager to the Issue is GYR Capital AdvisorsPrivate Limited and The Registrar to the Issue is Bigshare Services Private Limited.
Mr.Rathi Narayan Das,Chairman &Whole – Time Director, Srivari Spices and Foods Limitedsaid,” Our mission is to supply organic and quality products to our customers. Currently we are supplying in and around Telangana and Andhra Pradesh, and the IPO funding will enable us to expand our reach and provide us the working capital to grow our business more effectively increasing our market share.
Further, the issue will also help us enhance our brand and create a public market for our equity shares.”
MohitBaid, Executive Director, GYR Capital Advisors Private Limited, a Book Running Lead Manager to the issue,said, “We believe that this offering will provide the company with the necessary resources to meet growth capital and help the company achieve its long-term vision.”
About Srivari Spices and Food Limited:
Incorporated in 2019, Srivari Spices and Food Limited, is a leading manufacturer of spices and flour (Chakki Atta). The Company has its major presence in Telangana and Andhra Pradesh. The Company has started its business with manufacturing of Turmeric, Chilli and coriander powder and within four years, it expanded its product mix to various spices and manufacturing ChakkiAata. The products are free of preservatives and hence being organic sees a very good demand.
The Company has two state of art facilities in Telangana. Company’s products are available at 15,000 retail stores. The Company operates both D2C (Direct to Consumer) and also B2B delivering its products to the suppliers.
The raw material is sourced directly from farmers ensuring the quality while it also helps in pricing the products much cheaper than the competitors. Thus, diversified product portfolio, quality products at competitive pricing helps Company to penetrate the niche segment of the market and establish customer base in and around Telangana and Andhra Pradesh. The Company was awarded with the title of ‘Best Emerging Spices Brand- 2021’ by Business Mintand ‘Excellence in FMCG Spices Brand- 2023’ by The ET Excellence .
The Company has reported net revenues of ₹35.82 crore and net profit of ₹ 3.13 crore for FY23.
Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.