Devi Seafoods has filed a Draft Red Herring Prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to float its initial public offering (IPO) to raise Rs 900 crore. The offer will see sale of shares by the company’s promoters P Brahmanandam, P Suryavathi, P Rama Devi and N Naveena.
The listing of equity shares will enhance the company’s stability as well as brand image and provide liquidity to its existing shareholders.
Axis Capital, ICICI Securities and Kotak Mahindra Capital Company are book running lead managers to the issue.
The Andhra Pradesh-based Devi Seafoods is a leading producer of processed shrimp and shrimp feed.
