Published on 7/06/2018 11:54:46 AM | Source: Dion Global Solutions Ltd.

Devi Sea Foods` IPO plans on hold: Media Reports

Posted in Top Stories| #Food Production #IPO

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Indian shrimp exporter Devi Sea Foods has reportedly put its IPO launch on hold temporarily, given the overall market conditions, said the media reports. The company was planning to raise up to Rs 1,000 crore through the proposed IPO, which they were eyeing in 2018.

As per the media reports, stock price of listed peers such as Avanti Feeds and Apex Frozen Foods have had a bad time recently and have fallen significantly, due to which the valuations that were expected a few months ago are not realistic today, said a person aware of the company’s initial public offering plans. Founded in 1992 and based in Visakhapatnam, Andhra Pradesh, Devi Seafoods is a supplier of frozen shrimps with its own processing plant, aquaculture farms and shrimp hatchery.