Sresta Natural Bioproducts files draft papers with SEBI, aims to raise Rs 500 cr via IPO

Sresta Natural Bioproducts files draft papers with SEBI, aims to raise Rs 500 cr via IPO

Sresta Natural Bioproducts IPO:

Sresta Natural Bioproducts Ltd, Hyderabad-based organic food company,

Organic food company Sresta Natural Bioproducts Ltd has filed preliminary documents with capital markets regulator SEBI to raise Rs 500 crore through an initial share-sale.

The initial public offering (IPO) comprises fresh issue of equity shares aggregating up to Rs 50 crore and an offer-for-sale of up to 70,30,962 equity shares by the selling shareholders, according to the draft red herring prospectus (DRHP).

Sresta Natural Bioproducts Ltd, Hyderabad-based organic food company owns the largest brand in the packaged organic food segment '24 Mantra'. which sells a variety of packaged food products under this brand including cooking essentials, dry fruits, organic teas and more.

According to market sources, the IPO size is expected to be around Rs 500 crore.

Investors participating in the sale include Peepul Capital Fund III LLC, Ventureast Life Fund III LLC, Ventureast Trustee Company.

The Sresta Natural company plans to utilise the net proceeds from the fresh issue towards funding working capital requirements, repay or pre-pay in full or part certain outstanding unsecured/secured borrowings and for general corporate purposes.

Also Read : Waaree Energies gets regulator SEBI nod to launch ₹1500 crore IPO

Incorporated in 2004 by one of its promoters and MD, Rajashekar Reddy Seelam, Sresta Natural Bioproducts is engaged in the business of procuring, processing, manufacturing, marketing and research and development of organic food products.

As of September 2021, the company has a presence in 34 countries.

Seventy-five per cent of the net issue will be reserved for qualified institutional buyers (QIBs), whereas 15 per cent of shares will be allocated to HNI investors. The remaining 10 per cent of shares will be allocated for the retail bidders.

JM Financial and Axis Capital are the book running lead managers to the issue. The equity shares of the company are proposed to be listed on BSE and NSE.

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