According to the Draft Red Herring Prospectus (DRHP), under the IPO of Sresta Natural Bioproducts, fresh shares worth Rs 50 crore will be issued.
Sresta Natural Bioproducts IPO: Organic food company Shrestha Natural Bioproducts Limited (Sresta Natural Bioproducts) is going to bring its IPO. The company has filed a draft paper with the market regulator SEBI for this. The company wants to raise Rs 500 crore through this IPO.
IPO related details
- According to the Draft Red Herring Prospectus (DRHP), under this IPO, fresh shares worth Rs 50 crore will be issued. At the same time, 70,30,962 equity shares will be sold by the shareholders of the company under the Offer for Sale (OFS).
- The company will use the funds raised through this IPO for working capital requirements.
- Apart from this, the funds will also be used for repayment of loans and for general corporate purposes.
- JM Financial and Axis Capital are the book running lead managers of the issue. The equity shares of the company are proposed to be listed on BSE and NSE.
Company related details
- Hyderabad-based Shrestha Natural Bioproducts owns ’24 Mantra’. It is a major player in the packaged organic food segment. According to market sources, the size of the IPO is estimated to be around Rs 500 crore.
- Shrestha Natural Bioproducts Limited was established in the year 2004 by Rajasekhara Reddy Seelam, the promoter and MD of the company.
- Shrestha Natural Bioproducts Limited Company is engaged in the procurement, processing, manufacturing, marketing and research and development of organic food products.
- As of September 2021, the company’s business is spread across 34 countries.