Simran Agrovet to raise ₹78.51 crore via SME IPO
Simran Agrovet, a poultry company from Indore, is set to raise ₹78.51 crore through an SME IPO on NSE Emerge.
They're offering 64.35 lakh shares at ₹122 each (₹10 face value + ₹112 premium).
3.25 lakh shares are reserved for market makers
Out of the total shares, 3.25 lakh are set aside for market makers (worth about ₹3.97 crore).
The rest—61.10 lakh shares—make up the net issue of ₹7.45 crore, together representing around a third of the company's post-IPO capital.
The company makes poultry feed at its Mhow facility
Launched in 2017, Simran Agrovet makes poultry feed at its Mhow facility (66,000 metric tons per year) and handles hatching and rearing chicks and broilers under bio-secure contract farming.
Funds will help build new breeding farm and hatchery
Funds from the IPO will help build a new breeding farm and hatchery, expand their feed mill, cover working capital needs, and support other business plans.
The company is promoted by Avneet Singh Bhatia, Dilraj Singh Bhatia, Sumeet Singh Bhatia and Kawaljeet Singh Bhatia, who filed their draft prospectus (date not specified in the source article).