<article>Aquaculture company<a href="https://www.dealstreetasia.com/?s=apex"> Apex Frozen Foods Ltd</a> Wednesday said it will open its initial public offering (IPO) on 22 August.</article>

Aquaculture company<a href="https://www.dealstreetasia.com/?s=apex"> Apex Frozen Foods Ltd</a> Wednesday said it will open its initial public offering (IPO) on 22 August.
At the upper end of its price band of Rs171-175, the share sale will be worth approximately Rs152 crore. The IPO will close on 24 August.
The IPO will see a fresh issue of 7.25 million shares, which at the upper end of the price band will fetch the company approximately Rs126 crore. The proceeds will be used to set up a new shrimp processing unit with a capacity of around 20,000 million tonnes per annum (mtpa) in Andhra Pradesh.
Karuturi Satyanarayana Murthy, chairman of the company, will sell 1.45 million shares in an offer for sale. At the upper end of the price band, the share sale will fetch the promoter Rs25 crore.
Karvy Investor Services Ltd is managing the share sale.
Apex, established in 1997, is an integrated producer and exporter of shelf stable and ready-to-cook products to a diversified customer base consisting of food companies, retail chains, restaurants, club stores and distributors across the US, UK and European countries. The company sells aquaculture products under three brands, namely, Bay Fresh, Bay Harvest and Bay Premium.
“We are a hundred percent export-oriented company, with the US accounting for 82%, and the UK and European countries accounting for 17.8% of the total sales,” said Karuturi Subrahmanya Chowdary, executive director, Apex.
According to the management, the company’s total revenue has grown from around Rs255 crore in fiscal 2013 to Rs710 crore in fiscal 2017, at a compounded annual growth rate (CAGR) of 29%. The company’s net profit has increased from Rs9 crore in fiscal 2013 to Rs24 crore in fiscal 2017, at a CAGR of 26%.
The IPO comes at a busy time for the primary market in India. Earlier this month, state-run shipbuilder <a href="https://www.dealstreetasia.com/?s=cochin">Cochin Shipyard Ltd</a> and Security and Intelligence Services (India) Ltd, a company in the business of providing security services and facility management raised Rs1,468 crore and Rs780 crore respectively through their initial share sales.
Currently, state-owned general insurance company New India Assurance Co. Ltd, state-owned reinsurer General Insurance Corporation of India, SBI Life Insurance Co. and ICICI Lombard General Insurance Co. Ltd, the non-life insurance joint venture of <a href="https://www.dealstreetasia.com/?s=icici">ICICI </a>Bank Ltd and <a href="https://www.dealstreetasia.com/?s=fairfax">Fairfax </a>Financial Holdings Ltd are in the process of raising funds through public offerings.
So far in 2017, the Indian primary market has witnessed 15 initial public offerings with companies raising Rs12,584 crore, according to data from primary market tracker Prime Database. In 2016, the Indian primary market saw 26 companies raise Rs26,493.8 crore through the IPO route, data shows.
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This story was first published on <a href="http://www.livemint.com/Money/TaPmoi5ErRN7g0ZhqkvIeN/Apex-Frozen-Foods-to-launch-on-22-August.html">Livemint</a>

Aquaculture company Apex Frozen Foods Ltd to open IPO on 22 August, at the upper end of price band of Rs171-175, the share sale will be worth approximately Rs152 crore. 

India: Apex Frozen Foods IPO to launch on Aug 22

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India: Apex Frozen Foods IPO to launch on Aug 22

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