Telangana-based Srivari Spices and Foods received an overwhelming response from investors, by. subscribing a whopping 418.5 times on August 9 - the final day of issue closing on the NSE-Emerge (SME IPO)

Investors poured in nearly ₹2,700 crore worth of bids against the issue size of ₹ nine crore by bidding 64.27 crore shares against the offer size of 15.36 lakh equity shares. The price band of the issue was ₹40-42.

While retail investors portion was subscribed 518 times, non-institutional investors gave even more interest by subscribing 786 times and QIBs by 79 times.

The IPO, a complete fresh issue of ₹ nine crore - mobilised ₹2.54 crore from anchor investors who included Neomile Growth Fund and Zinnia Global Fund Pcc-Cell Dewcap Fund.

The Company proposes to utilise the net proceeds for funding the working capital requirements and General corporate purposes. 

The company is engaged in the business of manufacturing spices and flour (chakki atta) and market & sell it in and around Telangana and Andhra Pradesh. “We handpick our raw materials from various parts of the country and process our products with utmost care without the use of artificial preservatives or chemicals, thereby creating a product portfolio of organic spices and flour, which carry the freshness and goodness of each ingredient. We have created a unique business model, wherein we manufacture and package our products in quantities which can sustain a customer until the shelf life of our product, in order to avoid wastage and deliver a wide range of products which carry the freshness and goodness of each ingredient,” it said in red herring prospectus.

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