Devi Seafoods, Sandhya Marines file IPO papers in India
India's leading seafood exporters, Devi Seafoods and Sandhya Marines, have filed initial public offering papers with the Securities and Exchange Board of India.
Devi Seafoods filed its IPO papers on 5 March. It's owners, P. Brahmanandam, P. Suryavathi, P. Rama Devi, and N. Naveena, are looking to raise INR 9 billion (USD 138.4 million, EUR 111.9 million), Livemint reported. The proceeds from the IPO will be used enhance the company’s financial stability, burnish its brand image, and provide liquidity to its existing shareholders.
Sandhya Marines, another Indian seafood exporter, is also looking to raise INR 3 billion (USD 46.1 million, EUR 37.3 million) from its own IPO, The Outlook India reported. The company will sell 12.6 million shares owned by K V Prasad, K Suryanarayanamma, K Anand Kumar and K Arun Kumar.
Sandhya Marines is a producer and distributor of value-added seafood products, primarily having to do with vannamei shrimp. It sells to retail chains, stores, restaurants and food service distributors across North America, Europe, and Asia.
In its filing, the company said it will use the funds from its IPO to set up a new shrimp processing unit and a new aqua-feed mill, in addition to debt repayment and the establishment of a new corporate office.