MVK AGRO FOOD IPO

MVK Agro Food IPO is going to issue today i.e on thursday February 29, 2024. Investors can bid in this IPO till March 4 and the tentative listing date for the shares is fixed as Thursday, March 7, 2024. The company aims to raise Rs about Rs 65.88 crore through the SME IPO and list the shares on NSE SME platform .

1.About MVK Agro Food Product

M.V.K. Agro Food Product Limited, specializing in sugar production, by-products utilization, and power generation based in Nanded District, Maharashtra is aiming to raise ₹65.88 crore through this IPO, with shares set to be listed on the NSE Emerge platform.

The issue size is Up to 54,90,000 equity shares at face value of ₹10 each. M.V.K. Agro Food IPO price is ₹120 per share. The minimum lot size for an application is 1,200 shares. The minimum amount of investment required by retail investors is ₹144,000.

The net proceeds from the IPO will be utilized for setting up a greenfield unit in Nanded, Maharashtra. Funds will also be used for manufacturing Ethanol and generation and bottling of bio-CNG and fertilizer, as well as for general corporate expenses.

 Marotrao Vyankatrao Kawale, Managing Director of M.V.K Agro Food Product Limited said,”I’m pleased to announce our decision to go public with this IPO. It marks a significant step forward in our company’s growth, reflecting our commitment to innovation and expansion. Since our establishment in 2018, M.V.K Agro has been dedicated to revolutionizing the agricultural industry, starting with our focus on sugar production and expanding into the utilization of by-products and power generation,”

Also Narendra Bajaj, Director of Horizon Management Private Limited said, “We are glad to be part of M.V.K Agro Food Product Limited’s journey towards going public. M.V.K Agro’s impressive track record in sugar production, and its strategic expansion into by-products utilization and power generation, underscores their commitment to sustainable growth and environmental responsibility. We are excited about the prospects and proud to be part of this transformative journey.”

2.MVK AGRO FOOD LTD DETAILS:

According to Groww.In ,”MVK Agro Food Product Ltd is an integrated sugar and allied products manufacturing company located in Nanded district, Maharashtra. It operates a singular location sugar unit with a licensed crushing capacity of 2500 TCD. Apart from sugar Productrion, the company commercializes ad sells Molasses, Bagasse, and Pressmud as by products and waste products. Additionally , it s involved in power generation for captive consumption.”

M.V.K. Agro Food Product Limited acquired 100 per cent shareholding of Sai Krupa Dairy & Food Products Private Limited. This acquisition resulted in Sai Krupa Dairy becoming a wholly-owned subsidiary. The company processes and sells dairy products under the brand “K Guru Ji.” In FY23, the company achieved a revenue of ₹9,327.65 lakh, EBITDA of ₹1,661.13 lakh, and a net profit of ₹377.45 lakh

3.MVK AGRO FOOD IPO DETAILS: