Paramesu Biotech Eyes Rs 600 Cr Via IPO

New Delhi: Paramesu Biotech Ltd has filed preliminary papers with capital markets regulator Sebi to raise Rs 600 crore through an Initial Public Offering (IPO). The proposed IPO is a combination of a fresh issue of shares worth Rs 520 crore and an Offer-For-Sale (OFS) of shares to the tune of Rs 80 crore by promoter Unimark Business Solutions Private Ltd, according to the Draft Red Herring Prospectus (DRHP) filed on Thursday.

Proceeds from the fresh issue worth Rs 330 crore will be used for setting up a new plant of 1,200 TPD (tonnes per day) in Madhya Pradesh, Rs 85 crore for payment of debt and the rest towards general corporate purposes. The company is equipped with a current installed capacity of 800 TPD. With a high capacity utilisation rate of 93 per cent in FY 2024. Paramesu Biotech is one of the largest manufacturers of maize-based speciality products in India. The diversified product portfolio includes native maize starch, modified maize starches, liquid glucose, maltodextrin powder, and co-products such as germs, gluten, fiber, corn steep liquor and enriched fiber, among others. Operating from its Devarapalli facility in Andhra Pradesh, the company maintains a strong presence in both domestic and international markets, with products available across 14 states, four union territories and more than 10 countries in Southeast Asia and the Middle East.