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Capricorn Food Products gets SEBI’s nod to float IPO

17 Apr 2018 Evaluate

Capricorn Food Products India has received markets regulator Securities and Exchange Board of India’s (SEBI) approval to raise funds through an initial public offering (IPO). The public offer will comprise fresh issuance of equity shares worth Rs 171 crore and an offer for sale of up to 76.43 lakh scrips by the existing shareholders. The company’s shares are proposed to be listed on the BSE and NSE.

The company, which filed the draft red herring prospectus with the SEBI in February, got the regulator’s approval on April 12.  It will use the net proceeds for repayment of certain indebtedness of the company, investment in its subsidiary -- Gonglu -- for repayment of certain borrowings availed by it and general corporate purposes. IIFL Holdings, ICICI Securities and IDFC Bank are book running lead managers to the issue.

Capricorn Food Products India produces, supplies, and exports tropical fruit pulp/purees and concentrates, bulk frozen, and individual quick freezing fruits and vegetables to customers in India and internationally.

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