Star Agriwarehousing files IPO papers with Sebi; aims to raise Rs 450 cr via fresh issue

Star Agriwarehousing and Collateral Administration Ltd, a tech-driven agricultural providers agency, has filed preliminary papers with capital markets regulator Sebi to boost funds by way of an preliminary public providing (IPO). The proposed IPO contains a recent concern of fairness shares aggregating as much as Rs 450 crore and an Provide-For-Sale (OFS) part of two.69 crore fairness shares by promoters and an investor, based on the draft crimson herring prospectus (DRHP) filed on Wednesday.

As a part of the OFS, Claymore Investments (Mauritius) Pte, an oblique subsidiary of Temasek Holdings, is providing 1.19 crore fairness shares by way of the OFS and the remaining 1.5 crore shares can be offloaded by promoters.

At current, Claymore holds 11.83 per cent stake in Star Agriwarehousing and Collateral Administration and promoters personal 88.17 per cent stake within the firm.

The corporate could contemplate elevating Rs 90 crore by way of a pre-IPO placement. If this placement occurs, the recent concern dimension can be lowered.

The Maharashtra-based firm plans to utilise the proceeds of the recent concern price Rs 120 crore to partially fund its working capital necessities and Rs 125 crore in direction of the working capital wants of its subsidiary, FFIPL. Moreover, Rs 100 crore can be infused into its subsidiary, AFL, to reinforce its capital and the remaining quantity can be allotted in direction of basic company functions. Star Agriwarehousing and Collateral Administration is a technology-led built-in agricultural value-chain providers platform, engaged in offering providers comparable to procurement, commerce facilitation, warehousing, collateral administration, financing options, digital market and technology-based value-added knowledge providers. Among the many gamers in built-in agricultural providers, the corporate is the most important when it comes to income and probably the most worthwhile technology-led built-in worth chain providers platform throughout fiscals 2022 to 2024, as per an F&S Report.

As per the F&S Report, the corporate is estimated to be the most important participant inside the agricultural commodity-based financing (Collateral Administration) in India as of June 30, 2024, with an AUM (asset beneath administration) between Rs 130 billion and Rs 165 billion, serviced by the most important agricultural warehousing capability of 4.5 to five.2 MMT, as of June 30, 2024.

JM Monetary, Ambit and Equirus Capital are book-running lead managers to the problem.