Keventer Agro Ltd, funded by Mandala Capital, has filed a tentative red herring prospectus with the Securities Exchange Board of India (SEBI) to seek money through an IPO. Kolkata is home to Keventer Agro, A prominent fast-moving consumer goods company interested in packaged, dairy, and fresh food items.
With more than 90 stock-keeping units (SKUs) as of March 2021 and a presence across the value chain in the fresh, frozen, and ambient extended shelf-life food product categories, it offers a diverse selection of products across numerous brands and categories. Frooti, Appy Fizz, and Bailey are among the franchised brands it has with Parle Agro. Under the Keventer brand, it sells frozen foods, UHT milk, milkshakes, and bananas.
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Mandala Swede SPV, which has a 6.16 percent stake in the company, is offering up to 10.77 million shares in the IPO. “(OFS) contains 15.35 million compulsory convertible preference shares, which will be converted up to a maximum of 9.15 million shares prior to the filing of the red herring prospectus with the RoC, exclusively for the purpose of the offer,” the firm stated in its DRHP.
The issue’s book running lead managers are ICICI Securities, Axis Capital, and JM Financial. The proceeds from the issuance would be utilized to retire debt in the amount of 155 crores and meet capital expenditure obligations in the amount of 110.76 crores. Its total income was 836.03 crore in March 2021, down from 958.25 crores the previous year. The net loss for the period was 76.18 crore, compared to a profit of 3.42 crore the previous year. Total borrowings were adjusted to 236.20 crores.
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