Star Agriware housing files IPO papers with Sebi; aims to raise Rs 450 cr via fresh issue
Star Agriwarehousing and Collateral Management Ltd has filed for an IPO with SEBI, comprising a ₹450 crore fresh issue and an Offer-For-Sale (OFS) of 2.69 crore shares. Promoters and Claymore Investments (Mauritius) Pte, a Temasek Holdings subsidiary, will offload stakes. Proceeds will fund working capital, subsidiaries, and corporate purposes. The firm leads in agricultural value-chain services, with assets under management (AUM) of ₹130–165 billion and warehousing capacity of 4.5–5.2 MMT as of June 2024. JM Financial, Ambit, and Equirus Capital are managing the issue.
Star Agriwarehousing and Collateral Management Ltd, a tech-driven agricultural services firm, has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).
ETMarkets.com Star Agriwarehousing and Collateral Management Ltd, a tech-driven agricultural services firm, has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The proposed IPO comprises a fresh issue of equity shares aggregating up to Rs 450 crore and an Offer-For-Sale (OFS) component of 2.69 crore equity shares by promoters and an investor, according to the draft red herring prospectus (DRHP) filed on Wednesday. As part of the OFS, Claymore Investments (Mauritius) Pte, an indirect subsidiary of Temasek Holdings, is offering 1.19 crore equity shares through the OFS and the remaining 1.5 crore shares will be offloaded by promoters.
At present, Claymore holds 11.83 per cent stake in Star Agriwarehousing and Collateral Management and promoters own 88.17 per cent stake in the company. The company may consider raising Rs 90 crore through a pre-IPO placement. If this placement happens, the fresh issue size will be reduced. The Maharashtra-based company plans to utilise the proceeds of the fresh issue worth Rs 120 crore to partly fund its working capital requirements and Rs 125 crore towards the working capital needs of its subsidiary, FFIPL.
Additionally, Rs 100 crore will be infused into its subsidiary, AFL, to augment its capital and the remaining amount will be allocated towards general corporate purposes. Star Agriwarehousing and Collateral Management is a technology-led integrated agricultural value-chain services platform, engaged in providing services such as procurement, trade facilitation, warehousing, collateral management, financing solutions, digital marketplace and technology-based value-added data services.
Among the players in integrated agricultural services, the company is the largest in terms of revenue and the most profitable technology-led integrated value chain services platform during fiscals 2022 to 2024, as per an F&S Report. As per the F&S Report, the company is estimated to be the largest player within the agricultural commodity-based financing (Collateral Management) in India as of June 30, 2024, with an AUM (asset under management) between Rs 130 billion and Rs 165 billion, serviced by the largest agricultural warehousing capacity of 4.5 to 5.2 MMT, as of June 30, 2024. JM Financial, Ambit and Equirus Capital are book-running lead managers to the issue.
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Source : Economic Times
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