Schedule of Freshara Agro Exports
| Issue open date | 17 Oct 2024 |
| Issue close date | 21 Oct 2024 |
| UPI mandate deadline | 21 Oct 2024 (5 PM) |
| Allotment finalization | 22 Oct 2024 |
| Refund initiation | 23 Oct 2024 |
| Share credit | 23 Oct 2024 |
| Listing date | 24 Oct 2024 |
| Mandate end date | 05 Nov 2024 |
| Lock-in end date for anchor investors (50%) | 21 Nov 2024 |
| Lock-in end date for anchor investors (remaining) | 20 Jan 2025 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Freshara Agro Exports
Established in 2015, Freshara Agro Exports specializes in the procurement, processing, and export of preserved gherkins, cucumbers, baby corn, jalapenos, and other pickled products from India to various countries around the world. Gherkins, a popular pickled vegetable, are enjoyed globally as a delicacy, particularly in markets such as Europe, the USA, Australia, and Russia, where they are often served alongside other foods. Through its contract farming program, the company has formed strategic partnerships with local farmers in Tamil Nadu, Karnataka, and parts of Andhra Pradesh. Freshara Agro Exports sources raw produce directly from these farmers for export. Approximately 70% of the company’s products are “not ready to eat” and are supplied to factories for further processing into finished goods. The remaining 30% of its products are sold to food brokers and traders in the international market.
Financials of Freshara Agro Exports
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹75.39 crores |
| Fresh Issue | ₹75.39 crores |
| Offer for sale | – |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Working capital requirements | 56 (74.28%) |
| Capital Expenditure | 8.80 (11.67%) |
| General corporate purposes | 10.59 (14.05%) |
Strengths
- Recognized 100% export house by Indian government.
- Strong relationships with farmers ensure raw material availability.
- Advanced facilities focus on cost competitiveness.
- Product adaptability caters to local consumer preferences.
Risks
- 85-90% revenue from gherkin sales the past years.
- Changing preferences or quality issues could impact demand.
- Improper handling may lead to product spoilage.
- Contamination risks reduce sales and harm reputation.
- Significant revenue from international, conflict-affected markets.
- Top ten customers contribute 43.5% of revenues.