Business EconomyPosted at: Nov 9 2024 8:49PM


Paramesu Biotech files Rs 600 crore IPO with SEBI

Hyderabad, Nov 9 (UNI) Paramesu Biotech, one of the largest manufacturers of maize-based specialty products in India, on Saturday said it has filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI).
The diversified product portfolio includes native maize starch, modified maize starches, liquid glucose, maltodextrin powder, and co-products such as germs, gluten, fiber, corn steep liquor, and enriched fiber, among others, the company said in a release.
The company plans to raise fund through an Initial Public Offering (IPO) aggregating up to ₹ 6,000 million [₹ 600 crore].
The total issue size of equity shares capital (face value ₹5 each) comprises of Fresh Issue aggregating up to ₹ 5,200 million (₹ 520 crore) and an Offer-For-Sale (OFS) aggregating upto ₹ 800 million [₹ 80 crore].
The company plans to use the net proceeds towards-- Funding the capital expenditure requirement for setting up of new plant of 1200 TPD in Madhya Pradesh estimated to be ₹ 3,300 million [₹ 330 crore]; Repayment/ Pre-payment, in part or full of certain borrowings of the Company estimated to be ₹ 850 million [₹ 85 crore]; and rest towards General Corporate Purposes.
The company is equipped with a current installed capacity of 800 TPD.
With a high capacity utilization rate of 93.09 percent in FY 2024, Paramesu is among the few Indian companies specializing in various modified starches, such as dextrin, pre-gelatinized starch, thin boiled starch, cationic starch, oxidized starch, and spray starch.
Operating from its expansive Devarapalli Facility in Andhra Pradesh, the company maintains a strong presence in both domestic and international markets, with products available across 14 states, 4 union territories, and over 10 countries in Southeast Asia and the Middle East.
Its strategic location near the Vizag port enables efficient exports, supporting the company’s foothold in global markets.
Pantomath Capital Advisors Private Limited is the sole book running lead manager to the issue. This is the 6th IPO filing by Pantomath Capital as lead managers in last two months.
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Tags: #Paramesu Biotech files Rs 600 crore IPO with SEBI
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