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Introduction To Freshara Agro IPO
Established in 2015, Freshara Agro Exports Ltd, formerly known as Freshara Picklz Exports is coming out with a book of Rs 75.39 crore. It will comprise entirely a fresh issue of 64.99 lakh shares. The Initial Public Offering (IPO) shall be opened on 17th October, 2024, and closed on 21st October, 2024.
The allotment for the same will occur on 22nd October, 2024. The price range is fixed at Rs 110 to Rs 116 per share. A minimum of 1,200 shares constitutes the minimum lot size for a bid. Retail investors need to invest a minimum of Rs 139,200. HNI investors need a minimum investment of Rs 278,400 for 2,400 shares, which is 2 lots.
Purva Sharegistry India Pvt Ltd is the registrar to the issue. GYR Capital Advisors Pvt Ltd is the book running lead manager in this IPO. The market maker for the same is Giriraj Stock Broking.
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Freshara Agro Exports Ltd IPO Details
| Freshara Agro Exports Ltd IPO Opening Date and Closing Date | 17th October to 21st October |
| Face Value | Rs 10 per share |
| Price Band | Rs 110 to Rs 116 per share |
| Lot Size | 1,200 Shares |
| Total Issue Size | 6,499,200 shares (aggregating up to Rs 75.39 Cr) |
| Fresh Issue | 6,499,200 shares (aggregating up to Rs 75.39 Cr) |
| Issue Type | Book-Built Type Issue |
| Listing At | NSE SME |
| Shareholding Pre-Issue | 17,000,000 |
| Shareholding Post Issue | 23,499,200 |
| Market Maker Portion | 619,200 Shares – Giriraj Stock Broking |
| Basis of Allotment | Tuesday, 22nd October, 2024 |
| Refund Initiation | Wednesday, 23rd October, 2024 |
| Credit of Shares in Demat | Wednesday, 23rd October, 2024 |
| Listing Date | Thursday, 24th October, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on 21st October, 2024 |
Freshara Agro Exports Ltd IPO GMP
The most recent GMP of the IPO is Rs 50, as of 15th October, 2024 11:25 AM. The IPO has a price band of Rs 116. The estimated listing price for Freshara Agro Exports Ltd is Rs 166, reflecting a potential gain of 43.10% per share.
For the IPO, the Retail Subject to Sauda is Rs 45,600.
Freshara Agro Exports Ltd IPO Company Details
Freshara Agro Exports Ltd, which was previously known as Freshara Picklz Exports, was established in 2015.
The main thrust for the company has been procurement, processing, and export of pickled preserved gherkins and other pickled items. It also has a contract farming program where raw produces are sourced from farmers in the states of Tamil Nadu, Karnataka, and parts of Andhra Pradesh.
70% of the produce is not ready-to-eat and is sent to factories for further processing into finished products. 30% of the produce is supplied to international food brokers and traders.
Freshara’s product range includes gherkins, baby corn, jalapenos, and other pickled vegetables.
As of 31st March, 2024, the firm processes and exports pickled vegetables in 3 packaging types:
- Industrial packaging in food grade drums and pails
- Food packaging in plastic buckets and tin cans
- Retail packaging in glass jars and tin cans
They hold accreditations from FSSAI, FDA, Star-K Kosher, APEDA, International Featured Standards, and BRCGS.
As of 30th September, 2024, Freshara Agro Exports employed a total of 135 people.
Owners / Promoters of the company : The company’s promoters are Mr. Junaid Ahmed, Mr. Iqbalahmed Khudrathullah Mohammed, and Mrs. Asma Syed.
Freshara Agro Exports Ltd IPO Anchor Investors Details
| Bid Date | 16th October, 2024 |
| Shares Offered | 1,761,600 |
| Anchor Portion Size (in Cr) | 20.43 |
| Anchor lock-in period end date for 50% shares (30 Days) | 21st November, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | 20th January, 2024 |
Applications by different investors, Freshara Agro Exports Ltd lot size, shares, and their value:
| Application | Lots | Shares | Amounts |
| Retail (Min) | 1 | 1,200 | Rs 139,200 |
| Retail (Max) | 1 | 1,200 | Rs 139,200 |
| HNI (Min) | 2 | 2,400 | Rs 278,400 |
Investor categories and Freshara Agro Exports Ltd shares offered:
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50.00% of the offer |
| Retail Shares Offered | Not less than 35.00% of the Offer |
| NII (HNI) Shares Offered | Not less than 15.00% of the Offer |
Freshara Agro Exports Ltd Financials:
For the period ended on 31st March, 2024 & 31st March, 2023:
| Periods Ended | 31st Mar, 2024 | 31st Mar, 2023 |
| Assets | Rs 28,853.09 Cr. | Rs 8,490.64 Cr. |
| Revenue | Rs 19,801.58 Cr. | Rs 12,700.22 Cr. |
| Profit After Tax | Rs 2,182.41 Cr. | Rs 908.2 Cr. |
| Net Worth | Rs 5,958.45 Cr. | Rs 1,855.49 Cr. |
| Reserves and Supplies | Rs 996.77 Cr. | – |
| Total Borrowing | Rs 17,618.1 Cr. | Rs 4,173.89 Cr. |
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Financial Performance:
Revenue: The company generated Rs 10,746.11 crore in revenue during the period ended on 30th September, 2024.
Profit After Tax (PAT): The company earned a profit of Rs 1,137.81 crore after deducting taxes.
Net Worth: The company’s net worth, which represents the total value of the company’s assets minus its liabilities, is Rs 3,834.58 crore.
Financial Position:
Assets: The company’s total assets amounted to Rs 16,599.73 crore.
Reserves and Surplus: The company has accumulated reserves and surplus of Rs 2,134.58 crore.
Total Borrowing: The company has borrowed a total of Rs 10,625.22 crore.
Freshara Agro Exports Key Performance Indicators (KPI) and their values:
The market capitalisation of Freshara Agro Exports Ltd IPO is Rs 272.59 crore.
| KPI | Values |
| Return on Capital Employed (ROCE) | 12.31% |
| Return on Net Worth (RoNW) | 29.67% |
| Price to Book Value (P/BV) | 7.31 |
| Debt/Equity | 2.77 |
| PAT Margin (%) | 10.98 |
Objectives of the Freshara Agro Exports Ltd IPO
The company plans to use the raised funds for the following purposes:
- To cover capital expenditure requirements.
- To fund the company’s working capital needs.
- To support general corporate purposes.
- To cover the expenses related to the issue.
Some major risks associated with the Freshara Agro Exports Ltd IPO are:
- Revenue is primarily generated from gherkins, accounting for 84.90%, 93.50%, and 90.90% of the Fiscal 2022, 2023, and 2024, respectively. If the company fails to respond to changing consumer preferences or has quality problems, this will be a setback.
- Poor storage, or rather poor handling of gherkins, baby corn, chilies, and bell peppers may lead to spoilage, which would adversely affect the company’s operations and financial conditions.
- Product contamination, whether real or perceived, may reduce sales, damage reputation, and lead to regulatory action.
- The company heavily relies on its management team, and losing key personnel could impact business performance and R&D efforts.
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Frequently Asked Questions (FAQs)
What is the price band for Freshara Agro Exports’ IPO?
The price band is set between Rs 110 and Rs 116 per share.
What is the retail investor quota for Freshara Agro Exports’ IPO?
Retail investors will get at least 35% of the shares.
Where can I track Freshara Agro Exports’ stock performance?
You can track it on Unicorn Signals 2-3 days after listing.
How do I subscribe to Freshara Agro Exports’ IPO?
Subscribe via your demat account or through your bank/financial institution during the IPO period.
What is the closing time for Freshara Agro Exports’ IPO subscription?
The deadline is 5 PM on 21st October, 2024, but most brokers stop accepting applications by 1-3 PM.
Where can I get detailed information on the Freshara Agro Exports Ltd IPO?
Detailed information on the same can be found in the following documents filed with SEBI by the company:
