Essex Marine IPO commenced on Monday, August 4 and will conclude on Wednesday, August 6. Essex Marine IPO price band has been set at ₹54 equity share, each with a face value of ₹10. Investors can place bids for a minimum of 2,000 equity shares and in multiples of 2,000 shares thereafter.
Essex Marine Limited specializes in seafood processing and exporting.
The company sources, processes, stores, and ships high-quality fish and aquaculture products, such as ribbon fish, eel fish, marine fish, squid, and mackerel, to destinations including China, Belgium, and Japan.
Their processing facility in Midnapur, West Bengal, features state-of-the-art equipment like IQF with Glazer and Hardener, plate freezers, blast freezers, and cold storage units, complying with international standards such as HACCP, GMP, SSOP, FSSAI, and BRC.
The company is involved in the complete frozen fish and shrimp supply chain, obtaining products from India’s eastern coast, processing them, and exporting to clients worldwide.
The company’s advanced processing facility is situated in Shankarpur, close to Digha, a significant landing site in Purba Medinipur, West Bengal, recognized for its substantial Vannamei aquaculture production.
As per the Prospectus, the company’s listed peers are Kings InfraVentures Ltd (with a P/E of 25.23), and Zeal Aqua Ltd ( with a P/E of 14.02).
Essex Marine IPO Subscription Status
Essex Marine IPO subscription status is 18% on day 1 so far, as per chittorgarh.com. The retail portion was subscribed 33%, and NII portion was booked 3%.
The company has received bids for 7,38,000 shares against 40,48,000 shares on offer on the first bidding day, at 14:14 IST, according to data on chittorgarh.com.
Essex Marine IPO Details
Essex Marine IPO consists of a fresh issue of 42,62,000 equity shares, aggregating to ₹23.01 crore. There is no offer-for-sale (OFS) component.
The Essex Marine IPO aims to use the net proceeds from the offering for various purposes, including expanding the current peeling capacity at its processing facility in West Bengal, establishing a “Ready-to-Cook” section by incorporating blanching into the existing process, meeting the company’s working capital needs, settling or prepaying debts, and addressing general corporate requirements.
Khandwala Securities Limited is serving as the book-running lead manager for the Essex Marine IPO, whereas Skyline Financial Services Private Ltd acts as the registrar for this offering. The market maker for the Essex Marine IPO is Gretex Share Broking Private Limited.
Essex Marine IPO GMP today
Essex Marine IPO GMP today is +11. This indicates Essex Marine share price were trading at a premium of ₹11 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Essex Marine share price was indicated at ₹65 apiece, which is 20.37% higher than the IPO price of ₹54.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
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