An organic food company Sresta Natural Bioproducts has filed draft red herring papers with SEBI to raise up to Rs.500 crores via initial public offerings. The IPO comprises a Fresh Issue of Rs.50 crores & an Offer for Sale of 70,30,962 equity shares offered by promoters.
Offer for Sale by Promoters:
The offer for sale consists of Peepul Capital Fund III LLC up to 22.50 lakh shares, and Ventureast Life Fund III LLC, Ventureast Trustee Company (on behalf of the Biotechnology Venture Fund and Ventureast Life Fund III), who together plan to sell nearly 47.80 lakh shares.
Read Also: Sresta Natural Bioproducts DRHP Document
Sresta Natural Bioproducts made a profit of Rs.10.39 crores while the revenues stood at Rs.314.37 crores for FY21.
Hyderabad-based Sresta Natural Bioproducts was incorporated in 2004 by their promoters and MD Rajashekar Reddy Seelam. The company is doing business in procuring, processing, manufacturing, marketing, and research and development of organic food products. The company is selling its products in India as well as in the International market as well. They are exporting their products to over 30 countries. The company owns 24 Mantra Brand and sells packed food under the same brand.
The book-running lead managers of the IPO are JM Financial and Axis Capital. The shares are proposed to be listed on NSE and BSE. The IPO allocation will be QIB 75%, NII 15%, and Retail 10%.