Ahmedabad-based cakes and bakery products maker Dangee Dums is planning to raise ₹20.07 crore through an initial public offering in the SME category.
The issue, to be open during August 20-24, will result in the company’s shares being listed on the NSE Emerge platform. Monarch Networth Capital is the lead manager and Bigshare Services is the registrar to the issue. The company plans to repay its secured borrowings, in addition to purchasing fixed assets and meeting the IPO expenses.
The IPO consists of 27.12 lakh equity shares of face value ₹10 each at a fixed price of ₹74 a share. The minimum lot size is 1,600 shares. Dangee Dums currently has over 80 company-owned outlets across five major cities of Gujarat — Ahmedabad, Gandhinagar, Anand, Vadodara, and Surat.
“We are also planning expansion through franchisee model. We are in the process of exploring other markets and widening our presence outside Gujarat, preferably to Mumbai,” said Mohan Motiani, CEO of the company.
In FY2018, the company posted revenues of ₹36.58 crore. It has grown at a CAGR of 87.43 per cent over the last five years.