The company filed its draft papers for its proposed IPO on NSE Emerge on July 26.
Shankar Sharma has come onboard in his personal capacity, said the Annapurna Swadisht press release. Sharma and a few other investors bought a total 7.85 per cent stake in the company.
“In addition, Amit Bhartia, erstwhile Partner, GMO Singapore Pte, too invested in his personal capacity. Bhartia is a portfolio manager for GMO’s Emerging Markets Equity team and oversees fundamental research,” the release said.
NAV Capital Emerging Star Fund and Rajasthan Global Securities, one of the largest investors in the SME segment, also invested in the pre-IPO stakes in the company.
Annapurna Swadisht’s proposed IPO issue comprises 43.22 lakh equity shares.
Corporate Capital Ventures, which has been appointed as the Lead Manager for the issue, is driving the pre-IPO and IPO process on behalf of the company. Skyline Financial Service Private has been appointed Registrar to the issue.
Annapurna Swadisht will use the proceeds of the IPO to fund its growth plans – including setting up additional manufacturing units in West Bengal and expanding the product range to the eastern and northeastern states.
The company has two manufacturing facilities in West Bengal. It sells its sweet and savoury packaged snack products at a price point of Re 1 to Rs 5.00 across Bihar, Jharkhand, West Bengal, Odisha and Assam. It currently has around 400 distributors.