Upcoming IPO Details: Parmesu Biotech, a maize -based product manufacturer, has received approval from SEBI for IPO on March 4. In November 2024, the company filed documents for the IPO with SEBI.
According to DRHP, this is a book built issue of Rs 600 crore. This will be a combination of a new issue of Rs 520 crore and an offer for sale share of Rs 80 crore.
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Unirmark Business Solutions Private Limited, Speedfast Tracom Limited, Anand Swaroop Advani, Mani Sveta Tetali and Himbindu Tetali are promoters of the company.
An amount of Rs 330 crore raised from the IPO will be used to set up a new plant with a capacity of 1200 TPD (tonnes per day) in Madhya Pradesh, while Rs 85 crore will be used to repay the loan. The remaining amount will be used to meet normal corporate purposes.
About 50% of the public offering is reserved for eligible institutional buyers, about 35% for retail investors and the remaining 15% for non-institutional investors.
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Parmesu Biotech Limited is the manufacturer of maize -based special products such as liquid glucose, corn oil, corn syrup and maltodextrin in India.
The company offers a diverse portfolio of maize -based special products, including native maize starch, modified maize starch, liquid glucose, maltodextrin powder and other products such as germs, gluten, fiber, corn step liquor and rich fiber.
Currently, Western works from its production unit in Devrapalli in Western Godavari district of Andhra Pradesh.
Talking about the company's financial performance, the company's revenue in FY 24 was Rs 629.29 crore and the profit after tax was Rs 40.34 crore. In the current financial year, the company's revenue is Rs 409.39 crore till the end period on 30 September 24 and the profit after tax is Rs 26.85 crore.
Upcoming IPO DetailPantomath Capital Advisors Private Limited Paramesu is a book-rolling lead of biotech IPO, while BigShare Services PRIVATE LIMITED is the registrar of this issue. After the IPO, the company will be listed on two major exchanges of India on NSE and BSE.
