Srivari Spices IPO price band fixed. GMP, other details that you should know

The company is aiming to raise ₹9 crore on upper band price through this IPO, with shares set to be listed on the NSE EMERGE platform. 

The net proceeds from the IPO will be utilized to fund working capital requirements and general corporate purpose. The issue closes on August 9th, 2023.

The Book Running Lead Manager to the Issue is GYR Capital Advisors Private Limited and The Registrar to the Issue is Bigshare Services Private Limited.

Speaking on the public issue, Rathi Narayan Das, Chairman & Whole Time Director at Srivari Spices and Foods Limited said,” Our mission is to supply organic and quality products to our customers. Currently we are supplying in and around Telangana and Andhra Pradesh, and the IPO funding will enable us to expand our reach and provide us the working capital to grow our business more effectively increasing our market share. Further, the issue will also help us enhance our brand and create a public market for our equity shares.”

Important Srivari Spices IPO details

A bidder will be able to apply in lots and one lot of the NSE SME IPO comprises 3,000 company shares. The Company has reported net revenues of ₹35.82 crore and net profit of ₹3.13 crore for FY23. Likely date for share allocation is 14th August 2023 and Bigshare Services Pvt Ltd has been appointed as official registrar of the public offer. The book build issue is proposed for listing NSE SME exchange and likely date for IPO listing is 18th August 2023.

Updated: 04 Aug 2023, 02:48 PM IST