Mandala Capital portfolio company Keventer Agro files draft papers for an IPO

ICICI Securities, Axis Capital and JM Financial are the book running lead managers for the issue.

The proceeds from the issue worth ₹155 crore will be used to repay debt and ₹110.76 crore will be used for funding capital expenditure requirements.

As of March 2021, its total income was at ₹836.03 crore versus ₹958.25 crore a year ago. Net loss for the period stood at ₹76.18 crore against a profit of ₹3.42 crore last year. Adjusted total borrowings were at ₹236.20 crore.

Kolkata based firm is a leading fast-moving consumer good with interests in packaged, dairy, and fresh food products. Its comprehensive range of products spans across various brands and categories with more than 90 stock keeping units (SKUs) as of Mar 2021 and a presence across the value chain in the fresh, frozen and ambient long shelf life food product categories.

Its franchised brands include Frooti, Appy, Appy Fizz and Bailey in pact with Parle Agro. It has frozen food, UHT milk, milkshakes and bananas under the Keventer brand.

For FY21, the firm had 3,126 distributors and a sales force of 570 employees (including contractual) and sales promoters. It had 4,281 freezers, 2,891 iceboxes and 284 pushcarts in its target markets.

Its business is supported by manufacturing and processing infrastructure comprising a flagship facility at Barasat, West Bengal and food processing units located at Durgapur, Midnapore, Siliguri, Malda and Patna. The company is also in the process of establishing a food processing unit at Ranchi.