Freshara Agro Exports Limited IPO

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Freshara Agro Exports Limited, originally established as a partnership firm named “Freshara Picklz Exports” in 2015, was converted into a public limited company on November 22, 2023. The company is primarily engaged in the procurement, processing, and export of preserved gherkins and other pickled commodities from India to various global markets. Its key markets include Europe, the USA, Australia, and Russia.

The company sources gherkins and other vegetables directly from accredited farms and farmers, ensuring sustainability by entering into buy-back agreements. They provide farmers with necessary inputs like seeds to cultivate crops, primarily small and marginal farmers. The processing takes place at their facility located in Velakalnatham Village, Tamil Nadu, where they follow strict quality control measures.

Freshara Agro Exports Limited’s facility adheres to global standards, using food-grade packaging for their products, and is equipped with an in-house laboratory for testing. The company has earned several certifications from renowned organizations, including the Food Safety and Standards Authority of India (FSSAI), United States FDA, Star-K Kosher, APEDA, and others. These certifications ensure the products meet global quality standards, enabling the company to export to countries across Europe, North America, the Middle East, and more. Furthermore, the company has been recognized as a 100% Export House by the Ministry of Commerce & Industry, Government of India.

Objects of the Freshara Agro Exports Limited IPO:

The Company proposes to utilize the funds which are being raised towards funding the following objects: i. To meet the Capital Expenditure; ii. Funding the working capital requirements of the company; iii. To meet the General Corporate Purposes; and iv. To meet the Issue Expenses.
DRHP of Freshara Agro Exports Limited IPO
RHP of Freshara Agro Exports Limited IPO

Freshara Agro Exports Limited IPO Details:

Open Date: Oct 17 2024
Close Date: Oct 21 2024
Total Shares: 6,499,200
Face Value: ₹ 10 Per Equity Share
Issue Size: 75.39 Cr.
Lot Size: 1200 Shares
Issue Price: ₹ 110 - 116 Per Equity Share
Listing At: NSE Emerge
Listing Date: Oct 24 2024

Promoters And Management:

Mr. Junaid Ahmed, aged 40 years, is the Promoter of the Company. He is Chairman and Managing Director of the Company. He has done his Engineering from College of Engineering, Guindy, Anna University, Chennai and completed his M.B.A in from the University of Liverpool, United Kingdom. He was partner in M/s Freshara picklz Export. He has been associated with the Company since inception. Further he has an experience of around 9 years in the business of the company. Mr. Iqbalahmed Khudrathullah Mohammed, aged 67 years, is the Promoter of the Company. He is Whole Time Director of the Company. He completed his Engineering from the College of Engineering, Guindy, Anna University, Chennai. He has been the founding investor partner for Freshara Picklz Exports. He has been associated with the Company since inception. he has an experience of around 9 years in the business of the company. Ms. Asma Syed, aged 36 years, is the Promoter of the Company. She is Whole Time Director of the Company. She is completing a Post Graduation from Anna University Chennai. She was one the partner of M/s Freshara Picklz Export. She has been associated with the Company since inception. She handles the role of a Customer Relationship Manager (CRM) in the company. She is having around 9 years of experience in this Industry.

Financials of Freshara Agro Exports Limited IPO:

Particular (In lakh) 6MFY24 Mar-23 Mar-22
Revenue from Operations 10365 12,599 11,128
Cost of Material Consumed 5956 8546 6869
Direct Manufacturing Expenses 2626 2830 3564
Change in Inventories -383 -1095 391
Employee Cost 364 315 234
Other Expenses 308 330 261
EBITDA 1494 1,673 -191
EBIDTA Margin 14.41% 13.28% -1.72%
Other income 380 101 713
Depreciation 72 104 94
Interest 275 287 266
Profit before tax 1527 1,383 161
Tax 389 475 64
Net profit 1138 908 97
NPM (%) 10.59% 7.15% 0.82%
EPS 4.84 3.86 0.41

Comparison With Peers:

There is no listed company which is specifically comparable to Company's business model, size and financials.

Recommendation on Freshara Agro Exports Limited IPO:

To be updated shortly.

Lead Manager of Freshara Agro Exports Limited IPO:

  1. GYR CAPITAL ADVISORS PRIVATE LIMITED

Registrar of Freshara Agro Exports Limited IPO:

  1. Purva Sharegistry India Private Limited

Company Address:

Freshara Agro Exports Limited Old No.3, New No.9, Puram Prakasam Road, Balaji Nagar, Royapettah, Chennai - 600014 Phone: +91 44 4357 0138 Email: cs@fresharaagroexports.com Website: https://fresharaagroexports.com/

Discussion on Freshara Agro Exports Limited IPO:

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