Seafood exporter Sandhya Marines files papers with Sebi to float IPO

Seafood products exporter Sandhya Marines has filed draft papers with capital markets regulator Sebi to float an initial public offer.

The IPO comprises fresh issue of shares worth Rs 3 billion and an offer for sale of up to 1.26 crore equity scrips by the existing shareholders -- K V Prasad, K Suryanarayanamma, K Anand Kumar and K Arun Kumar, as per the draft papers filed with Sebi.

Proceeds from the issue will be utilised towards setting up of a new shrimp processing unit as well as new aqua-feed mill facility; establishing a new corporate office; repayment of certain indebtedness; and for general corporate purposes.

Karvy Investment Banking and SBI Capital Markets will manage the company's initial public offer (IPO).

Established in 1987, Sandhya Marines is product-focused company that exports a range of value added frozen seafood products.