The Hindu Business Line : Sakuma Exports to tap capital market on Feb 8 with IPO

SAKUMA Exports Ltd (SEL) is entering the capital market on February 8 with an initial public offering of 66,66,667 equity shares of Rs 10 each for cash at a price of Rs 50 each amounting to Rs 33.33 crore and 10 lakh cumulative redeemable preference shares (CRPS) at a price of Rs 100 each amounting to Rs 10 crore.

The aggregate issue size is Rs 43.33 crore.

The issue will close on February 14.

The funds raised by the company will be used to augment its long-term resources for working capital requirements. It also proposes to apply a part of the funds for general corporate purposes an aim to promote and strengthen its business and brand.

"In the current financial year, the company has started exports of castor oil and its de-oiled cake and coriander seeds. The company will continue to focus on export of groundnuts, sugar, chilli and de-oiled cakes and other commodities like cotton and niger seed as well," Mr Chander Mohan, Chairman, SEL, told Business Line.

The company is exporting a number of commodities namely peanuts, red split lentils, De-oiled cakes (soya, sunflower etc.) sugar, onions, maize, wheat flour, sesame seed, chilli, rice, castor oil and chick peas.

"The company has an export mix of 25 commodities, with a client base of over 75 in countries across five continents. It has a reliable supply chain with more than 400 suppliers spread over different parts of the country and developed adequate and competitive logistic facility across the country," he said.

The company is exporting from a number of seaports along the entire coastline of India - Mundra, Kandla, JNPT, Nhava Shiva, Mumbai, Chennai, Kakinada and Vizag, apart from the dry ports.

"It gives competitive advantage by cutting transport and freight cost," Mr Chander Mohan said.

SEL has been continuously studying and analysing international markets and domestic production trends to keep pace with changing demand and trends in the domestic and international trade market.

More Stories on : IPOs | Oilseeds & Edible Oil | IPOs

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page