Devi Seafoods gets clearance for IPO

Devi Seafoods gets clearance for IPO

Devi Seafoods, the Indian seafood exporter, has got the all-clear for a stock-market listing.

SEBI, India's capital markets regulator, has approved the plan.

Shrimp and shrimp feed supplier Devi Seafoods, based in Visakhapatnam in the state of Andhra Pradesh, said the shares being sold in the business are from existing investors, who would receive the proceeds.

Devi Seafoods' customers are located "primarily" in the US. The company said its "major customers" in the country include foodservice distributors, restaurant chains, retailers and warehouse chains. It also exports to markets including south-east Asia.

In the 12 months to the end of March 2017, Devi Seafoods ran up revenue of INR16.25bn (US$239.5m), compared to INR10bn a year earlier. Its net profit was INR1.06bn, versus INR812m the year before.

A clutch of other Indian seafood businesses, including Nekkanti Sea Foods and Sandhya Marines, also submitted plans for IPOs earlier this year to the markets regulator SEBI