Freshara Agro Exports IPO booked over 21 times so far on Day 2. Check GMP and other details

The IPO of Freshara Agro Exports, which specialises in the export of processed gherkins and pickled vegetables, was booked 21 times so far on the second day of the bidding process, driven by strong demand across categories.

The part reserved for retail investors was booked 29 times, followed by NII investors at 23 times. The issue, a fresh equity sale of 64.99 lakh shares, will close on October 21.

In the grey market, the company boasts a GMP of 81% over the issue price, which was fixed at Rs 116 apiece.


The net proceeds from the IPO will be utilised to meet working capital requirements, capital expenditure, general corporate expenses and issue expenses.

"The IPO underscores our commitment to providing premium preserved gherkins and pickled vegetables while promoting sustainable farming practices that benefit our customers, farmers, and the environment," said Junaid Ahmed, Chairman and MD, Freshara Agro Exports.

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The company said strategic investments will support the expansion of its state-of-the-art facility, increasing production capacity and improving efficiency.

Freshara Agro Exports specialises in procurement, processing, and exporting preserved gherkins and pickled vegetables. The company operates a state-of-the-art facility in Tirupattur, Tamil Nadu, serving over 40 countries.

Freshara supports over 4,000 farmers by promoting sustainable practices, providing technical assistance, and ensuring fair compensation.

During the first half of the current fiscal, the company achieved a revenue of Rs 103.6 crore, EBITDA of Rs 18 crore and a PAT of Rs 11.37 crore.

GYR Capital Advisors is the book-running lead manager for the IPO and Purva Sharegistry is the registrar.