IPO screener: Srivari Spices listing today on NSE-Emerge

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Telangana-based Srivari Spices and Foods that was subscribed a whopping 418.5 times, will be listed on the NSE-Emerge, the SME platform, on Friday.

Investors poured in nearly ₹2,700 crore worth of bids, against the issue size of ₹9 crore, bidding for 64.27 crore shares, against the offer size of 15.36 lakh equity shares. The price band of the issue was ₹40-42.

While the retail investors’ portion was subscribed 518 times, the non-institutional investors’ portion was subscribed 786 times, and the QIB portion 79 times.

The IPO, a complete fresh issue, raised ₹2.54 crore from anchor investors, including Neomile Growth Fund and Zinnia Global Fund Pcc-Cell Dewcap Fund.

Also read: Spices add masala to consumer stocks

The company is engaged in the manufacture of spices and flour (chakki atta) and markets and sells it in and around Telangana and Andhra Pradesh. “We hand-pick our raw materials from various parts of the country, and process our products with utmost care without the use of artificial preservatives or chemicals, thereby, creating a product portfolio of organic spices and flour, which carry the freshness and goodness of each ingredient. We have created a unique business model, wherein we manufacture and package our products in quantities that can sustain a customer for the shelf life of our product, in order to avoid wastage,” it said in red herring prospectus.