Devi Seafoods files Rs 900-crore IPO papers

Leading seafood exporter Devi Seafoods on Monday filed draft papers with markets regulator Securities and Exchange Board of India (SEBI) to raise Rs 900 crore through an initial public offering.

The IPO will see sale of shares by the company's promoters P Brahmanandam, P Suryavathi, P Rama Devi and N Naveena, as per the draft papers filed with Sebi.

According to the company, the listing of equity shares will enhance its stability as well as brand image and provide liquidity to its existing shareholders.

Axis Capital, ICICI Securities and Kotak Mahindra Capital Company will manage the company's public issue.

The Andhra Pradesh-based Devi Seafoods is a leading producer of processed shrimp and shrimp feed.