FMCG Annapurna Swadisht sets Rs 68-70 per share for book building issue on NSE Emerge platform

Credit and financing for MSMEs: Kolkata-based FMCG Annapurna Swadisht announced on Monday that it has set the price range of Rs 68-70 per share for its upcoming public offering on the NSE Emerge SME exchange through the bookbuilding route. The company said the issue will open for subscription on September 15, 2022 and will close on September 19, 2022, offering 43.22 lakh shares. “The minimum demand to be made is 2,000 shares and multiples thereof, thereafter. The issue represents 26.32% of the post-issue paid-in capital,” the company said in a statement.

Business advisory firm Corporate Capital Ventures is the lead manager and Skyline Financial Services is the issue’s registrar. After the issuance, the company said its paid up share capital would increase from Rs 16.42 crore to Rs 12.10 crore.

Importantly, a number of investors led by market veteran Shankar Sharma had invested in the company’s pre-IPO funding round. “Shankar Sharma came on board in a personal capacity. In addition, Amit Bhartia, Former Partner, GMO Singapore Pte has also invested in his individual capacity. Renowned institutional investors including NAV Capital Emerging Star Fund and Rajasthan Global Securities have also invested in pre-IPO holdings,” the company added.

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Annapurna Swadisht has two manufacturing units in Asansol and Siliguri, West Bengal with daily production capacity of 15 MT and 10 MT of Fryums snacks respectively. The Company sells products under brands such as Jackpot, Chatpata Moon, Balloon, Finger, Rambo, Makeup Box, Dhamaka, Phoochka, Jungle Adventures, etc. an installed capacity of 100 MT per day to secure retro-integration in the Gurap unit. Both units are expected to be operational in the fourth quarter of the current fiscal year.

The company recorded revenue growth from Rs 11.67 crore in March 2019 to Rs 61.04 crore in March 2022 while its net profit increased from Rs 28 lakh in March 2019 to Rs 2.40 crore in March 2022. Net profit for the first quarter of FY23 was Rs 1.31 crore with revenue of Rs 28.99 crore. Its long-term borrowings stood at Rs 3.47 crore in March 2022 and the debt ratio at 1.26.

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