Mumbai: Freshara Agro Exports Limited announced its virtual Initial Public Offering (IPO) with a total issue size of 64,99,200 Equity Shares priced at between Rs 110 and Rs 116 – aggregating to Rs 75.39 crores.
The issue opens on October 17, 2024 and closes on October 21, 2024. The Company’s Promoters are: Junaid Ahmed, Iqbalahmed Khudrathullah Mohammed and Asma Syed.
Utilization of the net issue proceeds include: Capital Expenditure (Rs 879.97 lakhs), Working Capital (Rs 5,600.00 lakhs) and the rest towards General Corporate purposes.
Describing India as the largest gherkins supplier/exporter globally, Junaid Ahmed, CMD, FAEL, said “We have a state-of-the-art facility and are coming up soon with another unit that is expected to ramp up production by more than three times.”
Noting that gherkins remains the company’s 85% export product besides baby corn and Jalapenos, he said the Company plans to enter new markets globally, while also enhancing its products by including olives, Indian white onions etc.
Freshara Agro Exports Limited specializes in the procurement, processing and export of preserved gherkins and pickled vegetables with a substantial order book of Rs 9,635.56 lakhs.
FAEL is a 100% export-oriented unit registered with Madras Exports Processing Zone, exporting 72,000+ metric tons globally to 40 countries including key markets in Europe, USA, Australia, Russia and the Middle East.
The Company has year-round direct sourcing from accredited farms and farmers dedicated to sustainable agricultural methodologies and includes 4,000+ Southern India farmers with 5 MT/hour production capacity.
During 6MFY25, the Company achieved a revenue of Rs 10,365.55 lakhs, EBITDA of Rs 1,866.09 lakhs and PAT of Rs 1,137.81 lakhs.
The Company holds certifications from FSSAI, FDA, Star K-Kosher, APEDA, IFS, and BRCGS, ensuring compliance with international standards.
The Book Running Lead Managers for the issue are GYR Capital Advisors Private Limited.
