Indian Shrimp Exporter Nekkanti Clarifies Decision to Pull Back IPO Offering
Indian shrimp exporter Nekkanti Sea Foods Ltd (NSFL) recently clarified the circumstances under which it has delayed its upcoming IPO. Along with other shrimp exporters in India, Nekkanti decided that the market timing was not propitious for such an offering, given the multi-year low prices of shrimp.
The company has bought back the pre-IPO shares it issued to investors, which represented 4% to 5% of the company, with funds from its own operations.
Visakhapatnam-based Nekkanti processes and exports frozen shrimp products. It has been operating for over three decades. In July, Mint had reported that...
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