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An export oriented food processing company, Capricorn Food Products India Ltd has filed the draft red herring prospectus (DRHP) for its initial public offering (IPO). The share sale will comprise a fresh issue worth Rs171 crore, while the promoters and private equity fund Quadria Capital will sell 7.64 million shares in an offer for sale.
Quadria Capital had invested $10 million in the company in 2013 out of its India Build-Out Fund-I. Proceeds from the sale of new shares will be utilized to repay debt availed of by the company and its subsidiary and to meet general corporate expenses.
Some of its customers include Coca-Cola India Pvt. Ltd, Varun Beverages Ltd, Manpasand Beverages Ltd, Cremica Food Industries Ltd and Hector Beverages Pvt. Ltd. According to the DRHP, in fiscal 2017, the company reported a revenue of Rs 436.71 crore, up 8 per cent compared to the previous year.