Prataap Snacks Gets SEBI Nod For Revised IPO Plan:
Prataap Snacks Ltd (PSL), the maker of Yellow Diamond Chips, has received capital market regulator SEBI’s approval for its revised plan to float its initial public offering (IPO).
Prataap Snacks Pvt Ltd which makes chips under the brand Yellow Diamond is planning to raise 400 crore through IPO.
Prataap Snacks issue would comprise fresh equity as well as offer for sale by some of the existing shareholders. Fresh issue will comprise of shares to raise Rs 250 crore and an offer for sale of 3 million by Sequoia Capital and promoters.
The firm plans to use the money for:
- Retiring debt.
- Capex for setting up new production lines and modernising existing manufacturing facilities at Indore and Guwahati and a contract manufacturing facility at Bengaluru.
- Investment in subsidiary Pure N Sure.
- Repayment of debt.
- brand building activities
Prataap Snacks processes, makes and sells potato-based snacks, extruded snacks (design-specific food) and namkeen (Indian snacks), and ventured into the noodles market last year.
For the year ended March this year, the firm had a net profit of Rs 20.86 crore.
During the same time, the company’s net worth stood at Rs 201.09 crore, as per its restated consolidated financial statements.
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