Theranautilus Secures $1.2 Mn in Seed...
19 Nov 2024
Jeyyam Global Foods, a Chennai-based food products company, is launching its SME IPO on September 2, 2024, for retail investors. The IPO will be listed on the NSE and will open for anchor investors on August 30, 2024. The price band for the IPO is set between Rs 59 and Rs 61 per share.
Through this IPO, the company aims to raise between Rs 79.25 crore and Rs 81.94 crore. Retail investors can place bids starting from 2,000 equity shares and in multiples of 2,000 thereafter. The IPO will close on September 4, 2024.
The offering includes a total of 1,34,32,000 equity shares with a face value of Rs 5 each. This comprises a fresh issue of up to 1,20,88,800 shares and an offer for sale (OFS) of 13,43,200 shares by the promoter shareholder, Sripal Veeramchand Sanghvi.
The funds raised from the IPO will be used for several purposes: Rs 19 crore is earmarked for capital expenditure, Rs 35 crore for working capital, and the rest for other corporate needs. The company plans to establish two Bengal gram (Channa) cleaning and grading units in Maharashtra, along with an integrated processing unit in Madhya Pradesh.
Although based in Salem, Tamil Nadu, Jeyyam Global Foods sources most of its raw materials from Andhra Pradesh, Karnataka, Maharashtra, and Madhya Pradesh. The new units will help bolster its operations in these sourcing regions, and the Salem facility will also be expanded by 40,000 sq ft.
Established in 2008, Jeyyam Global Foods is looking to enter the B2C market with a variety of products, such as soya chunks and vermicelli, to serve end consumers directly.
Chat on WhatsApp
Request a call back
