Annapurna Swadisht public issue to open on Sept 15; price band fixed

The issue will open for subscription on September 15, 2022, and will close on September 19, 2022. The company will be offering 43.22 lakh equity shares through the book-building issue. The minimum application to be made is for 2,000 shares and in multiples thereon, thereafter. The issue constitutes 26.32 per cent of the post-issue paid-up capital of the company. Post allotment, shares will be listed on NSE SME Emerge.

The issue is lead managed by Corporate Capital ventures and Skyline Financial Services is the registrar to the issue. Post-issue, the company’s paid-up equity capital will increase to Rs 16.42 crore from Rs 12.10 crore.

Some of the marquee investors such as Shankar Sharma, Amit Bhartia-erstwhile Partner, GMO Singapore Pte, have invested in the pre-IPO funding in their personal capacities. Marquee institutional investors, including NAV Capital Emerging Star Fund and Rajasthan Global Securities, have also invested in the pre-IPO stakes in the company.

The company shall deploy the proceeds from the issue to set up additional units in West Bengal and expand the product range to eastern and north-eastern states.

Annapurna Swadisht’s revenue has grown from Rs 11.67 crore in March 2019 to Rs 61.04 crore in March 2022. While its net profit has increased from Rs 0. 28 crore in March 2019 to Rs 2.40 crore in March 2022, The company has Rs 3.47 crore of long-term borrowing in its book as on March 2022. Its debt-equity ratio is a mere 1.26. For the Q1FY23, it earned a net profit of Rs. 1.31 crore. on a turnover of Rs. 28.99 crore.

Annapurna Swadisht, a Kolkata-based FMCG entity has two manufacturing units in Asansol and Siliguri. Annapurna Swadisht has a daily production capacity of 15 MT of Fryums in the Asansol plant and a daily production capacity of 10 MT of Fryums in the Siliguri plant.