One more privately held Seafood Company Penver Products submitted Draft Red Herring Prospectus with the market regulator the Securities and Exchange Board India (SEBI) to raise the funds through an Initial public offering (IPO).

The initial issue consists of a fresh value of equity shares up to INR 242 crore and an offer for sale approx. 41,08,000 shares by this public issue promoters. The proceeds of this issue will be used for a pre-processing centre, new shrimp processing unit & a hatchery facility in AP.

The Emkay Global Financial Services, Karvy Investor Services & Equirus Capital are lead managers of the company’s IPO. Total income of Penver has grown to INR 698.42 Cr in 2017-18 from INR 205.52 in the year of 2015-16.

Kerala-based Penver Products is a prominent seafood company engaged in a business of exporting & processing aquaculture & fishery products with more than 2 decades.

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