Biscuit major Surya Foods and Agro, that owns 'Priyagold' brand, is planning to tap the capital market early next year with a Rs 150-crore maiden public offer to part fund its expansions.
The company, which announced its foray into the carbonated drinks segment with the launch of 'Fresh Fizzy', also plans to enter the chocolate segment, for which it has already set up a Rs 100 crore facility at Haridwar, Uttarakhand.
"We plan to come out with an IPO early next year," Surya Foods & Agro chairman and managing director BP Agarwal told reporters here.
He declined to disclose the details. Sources, however, said the company plans to raise over Rs 150 crore from the bourses which could happen between January and April.
The company is looking at utilising the funds raised from the IPO to part fund expansion such as setting up of a unit in South India, preferably in Bangalore for 'Fresh Fizzy'.
It has already invested Rs 15 crore to build a capacity of one lakh litre per day for the new brand at its current unit at Greater Noida, where 'Freshgold' brand of juices are produced. The combined investment in food drinks business has reached to Rs 40 crore, he said.
Surya Foods is also planning to hike the capacity of its Greater Noida unit to 400 tonnes per day from the current 300 tonnes a day, Agarwal said.
Commenting on enhancing the company's product portfolio, he said by April next year, the company would be launching its chocolate brand.
"Already about Rs 100 crore has been invested to set up a 25-30 tonnes per day capacity chocolate plant at Haridwar in Uttarakhand," he said.
The company, which announced its foray into the carbonated drinks segment with the launch of 'Fresh Fizzy', also plans to enter the chocolate segment, for which it has already set up a Rs 100 crore facility at Haridwar, Uttarakhand.
"We plan to come out with an IPO early next year," Surya Foods & Agro chairman and managing director BP Agarwal told reporters here.
He declined to disclose the details. Sources, however, said the company plans to raise over Rs 150 crore from the bourses which could happen between January and April.
The company is looking at utilising the funds raised from the IPO to part fund expansion such as setting up of a unit in South India, preferably in Bangalore for 'Fresh Fizzy'.
It has already invested Rs 15 crore to build a capacity of one lakh litre per day for the new brand at its current unit at Greater Noida, where 'Freshgold' brand of juices are produced. The combined investment in food drinks business has reached to Rs 40 crore, he said.
Surya Foods is also planning to hike the capacity of its Greater Noida unit to 400 tonnes per day from the current 300 tonnes a day, Agarwal said.
Commenting on enhancing the company's product portfolio, he said by April next year, the company would be launching its chocolate brand.
"Already about Rs 100 crore has been invested to set up a 25-30 tonnes per day capacity chocolate plant at Haridwar in Uttarakhand," he said.
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