SeedWorks International, a seed research and development company based in Telangana, has filed its Draft Red Herring Prospectus (DRHP) seeking to raise funds through Initial Public Offering (IPO).
The issue, with a face value of ₹2, is an Offer-for-Sale of up to 5.19 crore equity shares by the promoter, individual and investor selling shareholders. It includes a reservation for a subscription by eligible employees.
The issue comprises shareholders selling shares up to 3.99 crore shares by True North Fund V LLP, up to 1.09 crore shares by South Asia Growth Fund II Holdings LLC, up to 10.44 lakh shares by Balalji Manmohan Nukal, and up to 82,055 shares by South Asia EBT Trust (through Orbis Trusteeship Services Private Limited).
The Offer is being made through the book-building process, wherein not more than 50 per cent of the net offer is allocated to qualified institutional buyers, and not less than 15 per cent and 35 per cent of the net offer is assigned to non-institutional and retail individual bidders respectively.
SeedWorks specialises in hybrid and open-pollinated variety (OPV) seeds for crops like rice, cotton, pearl millet, mustard, vegetables, and fruits.
In the financial year 2023-24, the company ranked third in cotton seeds, fourth in hybrid rice, and fourth in pearl millet seeds by sales volume in India, the DRHP said.
Its revenue increased from ₹488.31 crore in 2022-23 to ₹522.69 crore in 2023-24. For the six months ended September 30, 2024, its revenue from operations stood at ₹407.50 crore, and profit after tax stood at ₹70.25 crore.
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