Srivari Spices IPO price band fixed. GMP, other details that you should know

livemint.com:

Srivari Spices IPO: Price band of the initial public offerings (IPO) of Srivari Spices and Foods Limited has been fixed at ₹40 to ₹42 per equity share. The book build issue will open for subscription on 7th August 2023 i.e. on Monday next week.

After opening on Monday next week, the public issue will remain open for bidding till 9th August 2023. The company is aiming to raise ₹9 crore on upper band price through this IPO, with shares set to be listed on the NSE EMERGE platform. The net proceeds from the IPO will be utilized to fund working capital requirements and general corporate purpose.

The issue closes on August 9th, 2023. The Book Running Lead Manager to the Issue is GYR Capital Advisors Private Limited and The Registrar to the Issue is Bigshare Services Private Limited. Speaking on the public issue, Rathi Narayan Das, Chairman & Whole Time Director at Srivari Spices and Foods Limited said,'' Our mission is to supply organic and quality products to our customers.

Currently we are supplying in and around Telangana and Andhra Pradesh, and the IPO funding will enable us to expand our reach and provide us the working capital to grow our business more effectively increasing our market share. Further, the issue will also help us enhance our brand and create a public market for our equity shares." A bidder will be able to apply in lots and one lot of the NSE SME IPO comprises 3,000 company shares. The Company has reported net revenues of ₹35.82 crore and net profit of ₹3.13 crore for FY23.