DSM Fresh Foods' IPO Successfully Concludes, Set to List on BSE
DSM Fresh Foods Limited, the company behind Zappfresh, has successfully concluded its Initial Public Offering (IPO) bookbuilding process. The shares are set to list on the SME platform of the Bombay Stock Exchange (BSE).
The IPO, which opened on September 26 with a price band of INR 96 to INR 101 per share and a lot size of 1,200 shares, comprised up to 59 lakh equity shares. It closed with an overall subscription of 0.49 times. The company raised INR 16.8 crore through an anchor book allocation of 16.7 lakh shares at INR 101 per share. Eleven institutional investors participated, with Craft Emerging Market Fund being the largest. Qualified institutional buyers subscribed fully, while non-institutional investors had 0.33 times subscription, and retail investors had 0.27 times participation. Proceeds from the offering are planned to be used for working capital (INR 25 crore), marketing expenses (INR 15 crore), capital expenditure (INR 11 crore), and inorganic growth opportunities (INR 3 crore), with the balance for general corporate requirements. 3.3 lakh shares were earmarked for the market maker portion, leaving a net issue of 55.7 lakh shares. Narnolia Financial Services acted as the book-running lead manager for the IPO.
DSM Fresh Foods Limited's IPO has concluded with a successful subscription. The company aims to use the raised funds for various operational and growth purposes. The shares are set to list on the BSE, marking a significant milestone for the company.
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