India-based seafood group Captain Fresh has put its IPO application on hold as it seeks to speed up the closure of an acquisition.
The company did not name the business it is buying but media reports suggest it is Spanish tuna company Frime.
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Captain Fresh agreed to acquire Frime in December for an undisclosed sum.
In a statement to Just Food, Captain Fresh said: “We have voluntarily withdrawn our Pre Draft Red Herring Prospectus (PDRHP) filed with SEBI to facilitate the expedited closure of a contemplated material acquisition.
“In view of this, we are maintaining the requisite capital structure flexibility to facilitate these strategic equity investments.”
The Bengaluru-based tuna specialist confirmed it has received regulatory approval for the deal.
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By GlobalDataIt is now carrying out the final steps of the transaction, which it said will “significantly enhance our global market position”.
Captain Fresh stressed its IPO roadmap, set out after it filed the PDRHP documents with the SEBI in August, remains unaffected and added it is “committed” to its original listing timelines.
It intends to proceed with a fresh IPO filing once the acquisition is closed.
Captain Fresh also highlighted it has “substantially surpassed” its previous full-year EBITDA and PAT in the first six months of its 2026 financial year, though it did not provide figures.
“This trend highlights a significant expansion in margins and a sustained path of profitable growth as we prepare for a robust public market debut,” it said.
Founded in 2020, Captain Fresh began as a technology-driven platform providing digital tools for the fish and seafood supply chain.
It has developed into a branded seafood player, building a portfolio that includes shrimp, salmon, crab and lobster, supported by acquisitions of businesses such as CenSea, Senecrus and Koral.
In February, through CenSea, Captain Fresh acquired US seafood importer and distributor Ocean Garden for an undisclosed sum.
The transaction combined Illinois-based CenSea, known for Asian shrimp and a wide seafood range, with California-based Ocean Garden, which specialises in Mexican and Ecuadorian shrimp.
The deal expanded CenSea’s portfolio to include brands such as Ocean Garden, Compass, Asian Garden and Pride of Mexico.
