Hit enter to search or ESC to close
Mumbai (Maharashtra) [India], November 1: Baba Food Processing (India) Limited, a food processing company renowned for its high-quality Whole Wheat Atta, Refined Flour, Tandoori Atta, and Semolina flour, has announced its plans to go public with an Initial Public Offering on 03rd November, 2023. The company is aiming to raise ₹ 32.88 Crore on upper band price through this IPO, with shares set to be listed on the NSE EMERGE platform.
The issue size is Up to 43,26,400 equity shares at face value of ₹ 10 each.
Equity Share Allocation
The net proceeds from the IPO will be utilized to invest in Panchakanya Foods Private Limited, a wholly owned subsidiary, for setting up a manufacturing unit in Patna, Bihar, comprising an ultra-modern highly automated roller flour mill and chakki whole wheat atta mill, funding the purchase of machinery for manufacturing Chickpea Flour (Besan) and Roasted Gram Flour (Sattu) in the existing manufacturing unit in Ranchi, funding the working capital requirements of the Company, prepayment or repayment of all or a portion of certain outstanding unsecured borrowings availed by the Company, and for general corporate purposes. The issue closes on 07th November, 2023.
The Book Running Lead Manager to the Issue is Horizon Management Private Limited. The Registrar to the Issue is MAS Services Limited.
Mr. Yogesh Kumar Sahu, Managing Director of Baba Food Processing (India) Limited said, “This IPO marks a pivotal moment in our journey. It reflects our commitment to advancing the realms of food processing, quality, and sustainability. We are embarking on a path of innovation and excellence, focusing on enhancing our products and operations.
The funds raised will be utilized in setting up a state-of-the-art manufacturing unit in Patna, Bihar, equipped with cutting-edge technology. Additionally, we will enhance our existing facility in Ranchi, focusing on innovations like Chickpea Flour (Besan) and Roasted Gram Flour (Sattu). Moreover, the proceeds will support our working capital requirements and enable us to prepay or repay outstanding unsecured borrowings, reinforcing our financial stability. This reflects our commitment to innovation, sustainability, and ensuring the highest quality in every product we offer.”
Mr. Manav Goenka, Vice President of Horizon Management Private Limited said, “Baba Food Processing (India) Limited stands out as a beacon of innovation and sustainability in the food processing sector. We believe that the company’s strategic vision and prudent investment of the net proceeds will not only fuel their own growth but also contribute significantly to the broader food processing industry, setting new benchmarks for quality and innovation. We look forward to witnessing their continued achievements.”
If you have any objection to this press release content, kindly contact firstname.lastname@example.org to notify us. We will respond and rectify the situation in the next 24 hours.
About the author