Visakhapatnam-based seafood supplier Devi Sea Foods Ltd has filed a draft proposal with the Securities and Exchange Board of India (SEBI) to float an initial public offering (IPO).
The company’s public issue comprises a complete secondary market sale by the promoter and promoter group. The IPO size is pegged at Rs 900 crore.
Devi Sea Foods will join listed peers such as Apex Frozen Foods Ltd, Avanti Feeds Ltd, The Waterbase Ltd, and Zeal Aqua Ltd in going public.
Established in the 1990s by P Brahmanandam, the company is among the largest sea food exporters in India. It mainly ships shrimp to foreign destinations.
The company exports processed shrimp primarily to North America besides shipping to other markets such as Southeast Asia. Its major customers in the United States include food service distributors, restaurant chains, retailers and distributors, and warehouse chains.