PNN
Mumbai (Maharashtra) [India], February 28: M.V.K. Agro Food Product Limited, specializing in sugar production, by-products utilization, and power generation based in Nanded District, Maharashtra, has announced its plan to go public with an Initial Public Offering on February 29, 2024. The company is aiming to raise Rs 65.88 Crore through this IPO, with shares set to be listed on the NSE Emerge platform.
The issue size is Up to 54,90,000 equity shares at face value of Rs 10 each.
Equity Share Allocation
-Non-Institutional Investors (NII) - Up To 26,07,600 Equity Shares
-Retail Individual Investors (RII) - Up To 26,07,600 Equity Shares
-Market Maker - Up To 2,74,800 Equity Shares
The net proceeds from the IPO will be utilized for setting up a greenfield unit in Nanded, Maharashtra, for (i) manufacturing Ethanol and (ii) generation and bottling of Bio-CNG and Fertilizer, as well as for general corporate expenses. The Issue closes on 04th March 2024.
The Lead Manager to the Issue is Horizon Management Private Limited. The Registrar to the Issue is MAS Services Limited.
Mr. Marotrao Vyankatrao Kawale, Managing Director of M.V.K Agro Food Product Limited expressed, "I'm pleased to announce our decision to go public with this IPO. It marks a significant step forward in our company's growth, reflecting our commitment to innovation and expansion. Since our establishment in 2018, M.V.K Agro has been dedicated to revolutionizing the agricultural industry, starting with our focus on sugar production and expanding into the utilization of by-products and power generation.
The utilization of net proceeds from this IPO is towards setting up a greenfield unit in Nanded, Maharashtra, which will serve as a hub for manufacturing Ethanol, a sustainable alternative fuel, and for the generation and bottling of Bio-CNG and Fertilizer. With our dedication to sustainability, we look forward to creating value and contributing positively to the community and the environment."
Narendra Bajaj, Director of Horizon Management Private Limited said, "We are glad to be part of M.V.K Agro Food Product Limited's journey towards going public. M.V.K Agro's impressive track record in sugar production, and its strategic expansion into by-products utilization and power generation, underscores their commitment to sustainable growth and environmental responsibility. We are excited about the prospects and proud to be part of this transformative journey."
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