SSMD Agrotech's Rs 34-cr IPO to open on Tue, priced at Rs 114-121 per share

New Delhi, Nov 24 (PTI) FMCG and agro-food processing company SSMD Agrotech India on Monday announced that its Rs 34.09-crore initial share sale will open for public subscription on November 25.

The initial public offering (IPO) will conclude on November 27. The company has fixed a price band of Rs 114-121 per equity share, city-based SSMD Agrotech India said in a statement.

The public issue is entirely a fresh issue of 28.17 lakh equity shares with a face value of Rs 10 each.

The net proceeds from the fresh issue will be used by the company towards funding working capital requirements, for repayment of borrowings, setting up of new D2C dark store factories and purchase of machinery for setting up of the namkeen plant.

A portion of the proceeds will also be used for general corporate purposes.

"The IPO proceeds will support our strategic growth initiatives and reinforce our market presence," Jaigopal Munjal, Chairman, SSMD Agrotech India, said.

Incorporated in 2023, the company is engaged in the manufacturing, trading, and repacking of a diversified portfolio of agro-food products, including gram flour, chana dal, puffed rice, idli rava, rice powder, sattu, and other value-added items.

SSMD markets its products under four brands, Manohar Agro, Super S S , Delhi Special, and Shree Dhanlaxmi, supported by modern processing units, a D2C dark-store factory, and a strong distribution network.

The company's shares are proposed to be listed on the BSE's SME platform.

3Dimension Capital Services is the sole book-running lead manager for the IPO. PTI HG MR