Kolkata-based FMCG company Annapurna Swadisht has fixed the price band of Rs 68 -70 per share for its forthcoming public issue on NSE Emerge through the book-building route. The issue will open for subscription on September 15 and will close on September 19. Under this, the company will offer 43.22 lakh equity shares.
“The minimum application to be made is for 2,000 shares and in multiples thereon, thereafter. Post-allotment, shares will be listed on the NSE SME Emerge. The issue constitutes 26.32 per cent of the post-issue paid-up capital of the company,” Annapurna Swadisht said in a statement.
The issue is lead managed by Corporate Capital ventures Pvt Ltd and Skyline Financial Services Pvt Ltd is the registrar to the issue. Post-issue, the company’s paid-up equity capital will increase to Rs 16.42 crore from Rs 12.10 crore.
Marquee investors, led by market veteran Shankar Sharma, have invested in the pre-IPO round of funding in the company. Shankar Sharma has come on board in his personal capacity. In addition, Amit Bhartia, erstwhile Partner, GMO Singapore Pte, is too invested in his individual capacity. Marquee institutional investors, including NAV Capital Emerging Star Fund and Rajasthan Global Securities, have also invested in the pre-IPO stakes in the company.
The company has two manufacturing units in Asansol and Siliguri. Annapurna Swadisht has a daily production capacity of 15 MT of Fryums in the Asansol plant and a daily production capacity of 10 MT of Fryums in the Siliguri plant. It sells products under brand names such as Jackpot, Chatpata Moon, Balloon, Finger, Rambo, Makeup Box, Dhamaka, Phoochka, Jungle Adventures, Ringa, Bachpan Ka Pyaar, Kurchure, Cream Filled Cake Vanilla, Cream Filled Cake Litchi, among others. The company has around 235 employees and 225 employees on contractual basis.
Annapurna Swadisht’s Expansion Plans
The company is setting up a greenfield (fresh) project in Gurap and Dhulagarh, located about 60 km from Kolkata. The Gurap unit would be around 70,000 sq ft and have an annual capacity of 10 MT per day for rusk and 5 MT per day for cakes. It is also setting up a flour mill with an installed capacity of 100 MT per day to secure backward integration in the Gurap unit.
“The estimated cost of this unit will be Rs 17.09 crore, and it will be funded through IPO proceeds. It is also setting up another state-of-the-art plant at the Dhulagarh food park in West Bengal of around 75,000 square feet with a capacity of 16 MT per day for Fryums and 1.5 MT per day for Wafers. The estimated cost of this unit will be Rs 4.64 crore. Both the new facilities in Dhulagarh and Gurap are expected to be operational in the fourth quarter of FY23,” it said.
Annapurna Swadisht’s Financials
Its revenue has grown from Rs 11.67 crore in March 2019 to Rs 61.04 crore in March 2022. While its net profit has increased from Rs 0. 28 crore in March 2019 to Rs 2.40 crore in March 2022, The company has Rs 3.47 crore of long-term borrowing in its book as on March 2022. Its debt-equity ratio is a mere 1.26. For the Q1FY23, it earned a net profit of Rs. 1.31 crore. on a turnover of Rs. 28.99 crore, according to the statement.
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