One of the largest manufacturers of maize-based specialty products Biotech Limited filed a draft red herring prospectus (DRHP) to SEBI. The company is based in Andhra Pradesh. Paramesu Biotech Limited makes native maize starch, modified maize starches, liquid glucose, maltodextrin powder, and co-products such as germs, gluten, fiber, corn steep liquor, and enriched fiber, among others. Let’s unveil the details of the Initial Public Offer of Paramesu Biotech Limited.
According to the details, Paramesu Biotech Limited going to raise ₹600 crore initial public offering. In this IPO the fresh issue will be of up to ₹520 crore while on the other side, there will be an offer for sale also. On the basis of the details, the offer for sale (OFS) will be worth ₹80 crore.
The company will use the funds through this IPO in the capital expenditure requirement which is around $300 crore for setting up a new 1200 tonnes per data (TPD) plant in Madhya Pradesh. Along with this, the company is planning to repay or prepay certain borrowing of around 85 crores.
The available information says the company has installed a capacity of 800 TPD at its Devarapally Facility in West Godavari district of Andhra Pradesh in proximity to Vizag Port. This will serve the domestic as well as international markets as well.
The IPO details regarding the IPO date, price band, and allotment will come soon. We recommend you stay tuned with Industrial Front to get all the updates regarding this Initial Public Offer.