Paramesu Biotech Ltd Aims for Rs 600 Crore IPO Bonanza

Paramesu Biotech Ltd seeks to raise Rs 600 crore via an IPO, including a fresh issue worth Rs 520 crore and an OFS of Rs 80 crore. It plans to use Rs 330 crore for a new plant, Rs 85 crore for debt repayment. The company reported increased revenue and profit in FY24.

In a major financial move, Paramesu Biotech Ltd has submitted initial paperwork to Sebi for raising Rs 600 crore through an upcoming Initial Public Offering (IPO).

This IPO will consist of a fresh issuance of shares totaling Rs 520 crore, along with an Offer-For-Sale of shares valued at Rs 80 crore from the promoter, Unimark Business Solutions Private Ltd, according to the Draft Red Herring Prospectus (DRHP) filed on Thursday.

The funds from this issue, including Rs 330 crore earmarked for a 1,200 TPD plant in Madhya Pradesh, Rs 85 crore allocated for debt payment, and the remainder for general corporate purposes, underscore the company's ambitious expansion plans. Paramesu Biotech currently operates at a 93% capacity utilization with its 800 TPD facility at Devarapalli, Andhra Pradesh, producing a diverse range of maize-based specialty products for Indian and international markets.

(With inputs from agencies.)