Devi Seafoods has received markets regulator Securities and Exchange Board of India’s (SEBI) approval to raise funds through an initial public offering (IPO) amounting 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 will manage the company’s public issue.
The Andhra Pradesh-based Devi Seafoods is a leading producer of processed shrimp and shrimp feed.
