Freshara Agro Exports And Foods Shares List At Over 16% Premium On NSE SME

Shares of Freshara Agro Exports and Foods Ltd. debuted on the NSE SME platform, listing at a premium of over 16% on Thursday. The stock listed at Rs 135 apiece on the NSE against the IPO's upper price band of Rs 116.

This means investors who were allotted a single lot of 1,200 shares in the Freshara Agro Exports IPO made a profit of Rs 22,800, against an investment of Rs 1,39,200 in a lot.

Shares of Freshara Agro Exports and Foods Ltd. further gained 3.7% to touch an intraday high of Rs 140 apiece on the NSE.

The grey market premium on Freshara Agro Exports IPO hinted at a premium of Rs 50 over the issue price on Thursday just before the listing.

The projected listing price of the Freshara Agro Exports IPO was coming at Rs 166 per share, indicating a 43.1% premium, according to InvestorGain. However, the stock listed lower than the GMP expectations.

GMP or grey market price is not an official price quote for the stock and is based on speculation.

Freshara Agro Exports IPO was open for bidding between Oct. 17 and Oct. 21. The offer was an entirely fresh issue of 64.99 lakh shares worth Rs 75.39 crore. Freshara Agro Exports IPO price band was fixed at Rs 110 to Rs 116 per share.

The issue received a mega response from investors and was booked over 230 times. Investors placed bids for 97.52 crore shares against 41.18 lakh shares on offer.

Non-institutional investors or NIIs subscribed their allocation 510.61 times, while the retail portion of the IPO category was booked 180.80 times.

Qualified Institutional Buyers applied for 129.22 times the shares reserved for them.

The share allotment of the IPO was finalised on Oct. 22. Purva Sharegistry India Pvt. was the registrar for the issue.

Freshara Agro Exports Ltd., established in 2015, procures, processes and exports gherkins and other pickled foods. Under a contract farming programme, the company exports raw produce from Tamil Nadu, Karnataka and parts of Andhra Pradesh.