Apex Frozen Foods shares hit upper circuit after smart debut

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Shares of Apex Frozen Foods that deals in aquaculture products made a smart stock market debut today, rising over 15 per cent of the issue price of Rs 175. The stock debuted at Rs 199.90, up 14.22 per cent from the issue price on BSE. It later soared 19.91 per cent to Rs 209.85 – its upper circuit limit.

On NSE, it listed at Rs 202, reflecting a jump of 15.42 per cent. On the equity volume front, 2.35 lakh shares of the company were traded on BSE and over 14 lakh shares changed hands at NSE during the morning trade.

The initial public offer (IPO) of up to Rs 152 crore of Apex Frozen Foods was oversubscribed 6.14 times. The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 1.91 times, non-institutional investors 7.82 times and retail investors 8.53 times. The IPO’s price band was fixed at Rs 171-175. Proceeds from the issue will be utilized towards setting up a new shrimp processing unit with a capacity of 20,000 tonnes per annum in Andhra Pradesh and for general corporate purposes.

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