Annapurna Swadisht files DRHP with SEBI for IPO
New Delhi Packaged snacks player Annapurna Swadisht has filed a draft red herring prospectus (DRHP) for its original public immolation (IPO) with capital requests controller SEBI.
According to the company’s DRHP, the proposed issue will comprise the allocation of fresh43.22 lakh equity shares, with a face value of Rs 10 each.
The Kolkata- grounded food and libation company will launch its IPO on the ‘crop’ platform of the National Stock Exchange (NSE), the platform for MSME companies to raise finances.
The net proceeds from the issue will be employed for funding its growth plans, including setting up fresh manufacturing units in West Bengal and expanding the product range to eastern and north-eastern countries in the country.
Incorporated in 2016, Annapurna Swadisht operates over 35 SKUs ranging from extruded snacks to bullet- grounded snacks to potato snacks to’ namkeens’ to delicacies and galettes. The company has two manufacturing installations in West Bengal. It has a network of around 400 distributors.
The company lately forayed into the direct- to- consumer (D2C) member with the Olonkar range of products and has tied up with Big Basket for distribution.
Commercial Capital Ventures has been appointed as the sole lead director for the issue, whereas Skyline Financial Service is the register to the issue.
About Us – Annapurna Swadisht
Innovated in 2016 as Annapurna Agro diligence, it ventured into packaged snacks in 2020. During the epidemic, a considerable gap was left as numerous snack manufacturers shut up shop. It presently has close to 35 SKUs including snacks, delicacies and galettes in its portfolio. It plans to take it up to 70- 80 SKUs by the end of this financial.
“We’re looking to come out with an IPO by August of this time and are planning to raise near to ₹ 28 crore. We presently have two manufacturing units, one each in Asansol and Siliguri, and we’re planning to put up two further in West Bengal. The proceeds from the IPO would be used for our expansion,” Bagla told Business Line.
Annapurna Swadisht, which presently has a development of around ₹ 62 crore, is awaiting to close the current fiscal time at around ₹ 180- 200 crore.
There’s a strong demand for packaged snacks in pastoral requests and its products are a perfect fit, both in terms of the quality and price point, he said. Utmost of its products are vended at a price point of ₹ 1- 5 across the pastoral requests of Bihar, Jharkhand, West Bengal and Assam.
The company presently has 400 distributors and plans to further strengthen its distribution footmark in the being requests piecemeal from looking to feed newer requests in the eastern and north-eastern region.
Annapurna has partnered with Turioyo Foundation for incursion into direct- to- consumer member with the Olonkar range of products. Turiyo Foundation works with women across town lets in eastern India for quality procurement of certain authentic and forgotten fashions including pickles, papads and other products including ghee and honey. The company has partnered with Big Basket and plans to take the Olonkar range of products to crucial requests across India in the coming months.
“We’re proud to save the dying art of culinary chops from Bengal’s outlands and celebrate the crafters by taking their product public under Olonkar. Our cooperation with Annapurna will witness numerous other rare products sourced from eastern and north-eastern Indian town lets,” Sandip Maity, Director, Turiyo Foundation, said.