Sarveshwar Foods plans initial public offer

A Jammu based food processing company today announced plans to enter the capital market with an initial public offer (IPO) of over 64 lakhs equity shares - the first private sector company of the state, and overall the second after JK Bank, to list at stock exchanges.

"Sarveshwar Foods Limited, engaged in the business of processing and marketing of branded and un-branded basmati and non-basmati rice in the domestic and international markets, now plans to enter the capital market with an initial public offer of 64,67,200 equity shares of face value Rs 10 each for cash at a price band of Rs 83 to Rs 85 per equity share," the company's MD Rohit Gupta told reporters here.

He said this will make Sarveshwar Foods Limited the first company from the private sector and only the second company from the state, after Jammu and Kashmir Bank Limited, to attain listed status.

The equity shares are proposed to be listed on the SME platform of National Stock Exchange of India Limited (NSE).

"The funds raised through the public issue are proposed to be utilised to part finance the working capital requirement, invest in subsidiary - Himalayan Bio-Organic Foods Private Limited, meet issue expenses and for general corporate purposes, Gupta said.

He said said it was a historic occasion for the state and a happy news as it will increase the equity interest here.

The company is primarily engaged in the business of processing and marketing of various types of rice in the domestic and international markets.

It is one of the few Indian companies with a presence across the entire "rice value chain", which includes procurement, storage, milling, sorting, packaging, branding and distribution and has established a formidable brand in the sector.

The company not only deals with both branded and non-branded rice being grown using both the conventional as well as organic method, but also deals in other organic products such as dry fruits, pulses, lentil, flours, porridge, spices and superfoods like chia seeds, flax seeds and quinoa seeds.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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