Essex Marine shares list at 20% discount to IPO price on BSE SME platform

Shares of Essex Marine made a subdued debut on the BSE SME platform, listing at Rs 43.20 — a 20% discount to its IPO price of Rs 54.

The fixed-price IPO, which opened on August 4 and closed on August 6, comprised a fresh issue of 42.62 lakh shares.

It garnered an overall subscription of 2.91 times, driven primarily by robust retail investor demand. The retail category of the issue was subscribed 4.95 times, while the non-institutional investor (NII) segment saw 0.87 times subscription. No anchor or QIB participation was recorded in the issue.


Kolkata-headquartered Essex Marine, incorporated in 2009, specialises in processing and exporting a range of marine and aquaculture products, including ribbon fish, eel fish, squid, mackerel, and vannamei shrimp.

The company’s processing facility in Shankarpur, West Bengal, is strategically located near major landing centres and equipped with modern machinery such as IQF, plate and blast freezers, and cold storage facilities.

In FY25, Essex Marine reported a total income of Rs 39.93 crore, up 89% from Rs 21.11 crore in the previous year. Profit after tax rose 156% year-on-year to Rs 4.67 crore, while EBITDA stood at Rs 9.44 crore with a margin of 25.35%.

Essex Marine will use the IPO proceeds to expand its peeling capacity, establish a ready-to-cook section, fund working capital, repay borrowings, and meet general corporate purposes.

Market watchers say that despite the strong operational performance in FY25, the lack of a GMP indicates a cautious approach from grey market participants, reflecting concerns over sector volatility and competition.

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