SuriFresh Extract Limited Announces IPO – Investors Take Note!
SuriFresh Extract Limited, a company specializing in the import, distribution, and manufacturing of premium fresh produce, is set to launch its Initial Public Offering (IPO). The company plans to issue 3.15 crore shares as part of a book-built IPO, with the entire offering consisting of fresh equity shares.
The IPO dates, price band, and exact issue size in terms of valuation are yet to be announced. However, it is expected that once the details are finalized, the allotment of shares will follow soon after. Narnolia Financial Services Ltd is the book-running lead manager for this IPO, while Bigshare Services Pvt Ltd has been appointed as the registrar for the issue.
Investors and analysts looking for more comprehensive details can refer to the Draft Red Herring Prospectus (DRHP) filed with SEBI on December 31, 2024.
Key Details of the SuriFresh Extract IPO
• IPO Type: Book Built Issue IPO
• Issue Size: 3,15,12,000 shares
• Face Value: ₹1 per share
• Listing Exchange: BSE SME
• Pre-Issue Shareholding: 8,82,05,601 shares
• Market Maker Portion: 15,76,000 shares
• Promoters: Mr. Hitin Suri, Mr. Manav Suri, Mr. Sudhir Suri, Mr. Siddhaarth Suri, and Mr. Sidhantt Suri
• Pre-Issue Shareholding: 97.09%
• Post-Issue Shareholding: 71.54%
IPO Reservation Structure
The IPO will be structured with different allocations for various categories of investors:
• Qualified Institutional Buyers (QIBs): Not more than 50% of the net issue
• Retail Investors: Not less than 35% of the net issue
• Non-Institutional Investors (NIIs or HNIs): Not less than 15% of the net issue
This ensures a balanced distribution of shares among institutional and retail investors.
About SuriFresh Extract Limited
Incorporated in 2018, SuriFresh Extract Limited has established itself in the Indian fruit industry by focusing on cold-pressed juices and culinary dips. The company operates in multiple business segments, including:
1. Cold-Pressed Juices: Utilizing High-Pressure Processing (HPP) technology, the company ensures that its juices retain natural flavors, nutrients, and freshness without the need for heat treatment or preservatives. This enhances the shelf life and nutritional value of the products.
2. Frozen Juices: The company specializes in manufacturing frozen juices that preserve their nutrients without using artificial additives or added sugars.
3. Fruit Trading: SuriFresh Extract has 30 years of experience in wholesale fruit trading. It sources fresh fruits from India and international markets such as New Zealand, the USA, and Turkey.
The company not only manufactures juices under its own brand but also provides contract manufacturing services for other juice and specialty beverage brands. SuriFresh Extract currently supplies to various retailers, mandis (wholesale markets), and food businesses and has expanded operations to Bangalore while planning further growth in Mumbai and Delhi.
As of December 4, 2024, the company has a workforce of approximately 45 employees.
Competitive Strengths of SuriFresh Extract Limited
1. Strong Distribution Network: The company has nationwide coverage and a significant presence in key markets across India.
2. Established Client Relationships: It maintains long-term partnerships with blue-chip customers, ensuring repeat business.
3. High-Quality Products: The company is recognized for delivering premium, fresh, and high-quality products consistently.
4. Experienced Management Team: The leadership team has deep industry expertise and a strong organizational culture.
5. Scalability & Expansion Plans: With ongoing expansion strategies, SuriFresh Extract is positioning itself for growth in major Indian metropolitan cities.
Financial Performance of SuriFresh Extract Limited
The company has demonstrated strong revenue growth, especially in recent financial years. Below are the key financial indicators:
Restated Financials (₹ Crores)
| Financial Metric | 30-Jun-2024 | 31-Mar-2024 | 31-Mar-2023 | 31-Mar-2022 |
|---|---|---|---|---|
| Total Assets | 60.92 | 44.69 | 51.48 | 9.72 |
| Revenue | 56.2 | 78.35 | 61.94 | 0.28 |
| Profit After Tax (PAT) | 3.93 | 7.06 | -0.24 | -0.5 |
| Net Worth | 20.65 | 14.72 | 7.66 | 1.46 |
| Reserves & Surplus | 11.83 | 6.15 | -0.91 | -0.67 |
| Total Borrowing | 21.2 | 23.21 | 27.22 | 6.87 |
The company turned profitable in FY 2024, showing improvement in profitability over the years.
Key Performance Indicators (KPIs)
• Return on Equity (ROE): 47.98%
• Return on Capital Employed (ROCE): 29.71%
• Debt-to-Equity Ratio: 1.58
• Return on Net Worth (RoNW): 47.98%
• PAT Margin: 9.14%
Utilization of IPO Proceeds
The proceeds from the IPO will be allocated towards the following purposes:
1. Capital Expenditure Requirements: ₹189.93 million
2. Working Capital Requirements: ₹235 million
3. General Corporate Purposes
These funds will help the company expand its production capacity, enhance distribution networks, and support business growth.
SuriFresh Extract Limited’s Contact Details
• Registered Address: C-129, New Subzi Mandi, Azadpur, North Delhi, 110033
• Phone: +91 9899966630
• Email: [email protected]
IPO Registrar Contact
• Bigshare Services Pvt Ltd
• Phone: +91-22-6263 8200
• Email: [email protected]
IPO Lead Manager
• Narnolia Financial Services Ltd is the book-running lead manager for the IPO.
The performance of past IPOs managed by Narnolia Financial Services Ltd can be reviewed through their Lead Manager Performance Tracker.
The SuriFresh Extract IPO offers investors an opportunity to participate in India’s growing fresh produce and beverage industry. With a strong market presence, expanding distribution network, and a focus on high-quality cold-pressed juices and fresh fruit trading, the company is positioned for growth. However, potential investors should review the DRHP, financials, and market conditions before making any investment decisions.
For further details, visit the company’s official website or consult the IPO prospectus.
