 "IPO")
The Initial Public Offer consists of up to 1,34,32,000 Equity Shares of face value of Rs 5 each.
Exciting news for investors! Jeyyam Global Foods Ltd, known for processing and supplying Bengal gram (Channa) and fried gram, is set to launch its Initial Public Offering (IPO) on September 2. The company aims to raise between Rs 80 crore and Rs 82 crore to support its growth plans.
Big Plans for Expansion
Jeyyam Global Foods, headquartered in the city, plans to use the funds from the IPO for various purposes, including entering the business-to-consumer (B2C) market, investing in capital expenditure, and expanding its product offerings. We have identified 99 clusters across India to procure fried gram and polished channa. We’ll be handling the cleaning and grading right where we purchase them,” said Shrreyans Mehta, a member of the group.
New Products on the Horizon
The company has exciting plans to introduce soya chunks and vermicelli to its product line. The raised funds will also be used to establish three new manufacturing units. These will be located in Latur and Nanded in Maharashtra and Indore in Madhya Pradesh.
We will increase our fried gram production capacity by 30%, reaching 55,000 tonnes per year. Our cleaning and grading capacity for Bengal grams and fried grams will go up to 2.15 lakh tonnes annually. Additionally, we’ll expand our Besan flour production from 10,000 tonnes to 40,000 tonnes per year.
Details About the IPO
The IPO price range has been set between Rs 59 to Rs 61 per equity share. The offering consists of up to 1,34,32,000 equity shares with a face value of Rs 5 each. This includes a fresh issue of up to 1,20,88,800 equity shares and an offer for sale of up to 13,43,200 equity shares.
The company aims to raise Rs 79.25 crore at the lower end of the price band and Rs 81.94 crore at the higher end,” stated company officials.
Breakdown of Fund Utilization
According to Mehta, the funds raised from the IPO will be allocated as follows:
– Rs 19 crore for capital expenditure
– Rs 35 crore for working capital needs
– The remaining amount will be used for general corporate purposes.
Important Dates to Remember
The bidding for anchor investors will take place on August 30. The IPO will open for the public on September 2 and will close on September 4. Corpwis Advisors Pvt Ltd Director Vishal Kumar Garg provided these details.
The main promoters of the company are Managing Director Amit Agarwal, Sales and Marketing Head Shripal Veeramchand Sanghvi, and Sujathaa Mehta of Shanti Guru Industries Ltd.
Revenue Growth Over the Years
Jeyyam Global Foods has shown impressive growth in recent years. The company reported revenues of Rs 250 crore as of March 2022, Rs 320 crore in March 2023, and Rs 630 crore in March 2024. For the current financial year, the company expects to achieve a top-line of Rs 750-780 crore.
This exciting news marks a significant step for Jeyyam Global Foods Ltd as they venture into new markets and expand their operations. Investors and consumers alike are eagerly watching how the company will use this opportunity to grow even further.
(Only the headline and picture of this report may have been reworked by the India Press Live staff; the rest of the content is auto-generated from a syndicated feed.)
