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19 Nov 2024
Jeyyam Global Foods Ltd, a company engaged in processing and supplying Bengal gram (channa) and fried gram, is set to launch its IPO on September 2, aiming to raise Rs 80-82 crore to support its expansion initiatives, according to a company official. The Chennai-based firm plans to utilize the funds for its entry into the B2C market, capital expenditures, and expanding its product range, as stated by Shrreyans Mehta, a group member.
The company has pinpointed 99 clusters across India for the procurement, cleaning, and grading of fried gram and polished channa. Additionally, they will introduce new products like soya chunks and vermicelli. The raised funds will also be used to establish three new manufacturing facilities in Latur and Nanded in Maharashtra, and Indore in Madhya Pradesh.
Production capacity for fried gram is expected to increase by 30% from the current 55,000 tonnes annually, while capacities for cleaning and grading Bengal grams, as well as producing Besan Flour, will also see significant boosts.
The IPO is priced between Rs 59 and Rs 61 per equity share and includes up to 1,34,32,000 equity shares, with a fresh issue of up to 1,20,88,800 equity shares and an offer for sale of up to 13,43,200 equity shares. The company anticipates raising between Rs 79.25 crore and Rs 81.94 crore, depending on the final price.
A breakdown of the funds shows Rs 19 crore allocated for capital expenditures, Rs 35 crore for working capital, and the remainder for general corporate purposes. The Anchor Investor Bidding will occur on August 30, with the IPO opening on September 2 and closing on September 4, according to Vishal Kumar Garg, Director of Corpwis Advisors Pvt Ltd.
The company has shown significant revenue growth, reporting Rs 250 crore in March 2022, Rs 320 crore in March 2023, and Rs 630 crore in March 2024, with expectations of reaching Rs 750-780 crore in the current financial year.
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