Well-known equity investor and market veteran Shankar Sharma have bought a stake in a Kolkata-based packaged snacks, food and beverage company Annapurna Swadisht ahead of its forthcoming initial public offerings (IPO).
The company filed its draft red herring prospectus (DRHP) with the NSE Emerge for its proposed initial public offering (IPO) on July 26, 2022.
Shankar Sharma, one of India’s most eminent investors and the founder of First Global, has come onboard in his personal capacity, according to a statement by Annapurna Swadisht. The market investor also confirmed the announcement to Business Today.
In addition, Amit Bhartia, erstwhile Partner, GMO Singapore Pte, too invested in his personal capacity. Bhartia is a portfolio manager for GMO’s Emerging Markets Equity team and oversees fundamental research.
“Other institutional investors include NAV Capital Emerging Star Fund and Rajasthan Global Securities, a qualified institutional investor and one of the largest investors in the SME segment has also invested in the pre-IPO stakes in the company,” the company said in a release.
All marquee investors together bought 7.85 per cent stake in the company.
Annapurna Swadisht’s IPO comprises the issue of 43.22 lakh equity shares. Corporate Capital Ventures Private, which has been appointed as the lead manager for the issue, is driving the pre-IPO and IPO process on behalf of the company. Skyline Financial Service has been appointed a registrar to the issue.
Annapurna Swadisht’s will use the proceeds of the IPO to fund its growth plans-including setting up additional manufacturing units in West Bengal and expanding the product range to eastern and north-eastern states.
Annapurna Swadisht started operations in 2016. It operates over 35 SKUs ranging from extruded snacks to pellet-based snacks to potato snacks, namkeens, candies, and cakes. Led by Shreeram Bagla, co-founder and chairman, the company has two manufacturing facilities in West Bengal. It sells its sweet and savoury packaged snack products at a price point of Rs 1-Rs 5 across Bihar, Jharkhand, West Bengal, Odisha and Assam. At present, the company has around 400 distributors.
In June 2022, Annapurna Swadisht reported monthly sales of Rs 11.05 crore and currently has a team of 235 employees. The company recently forayed into the direct-to-customer (D2C) segment with the Olonkar range of products and has tied up with Big Basket for distribution.
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