IPO News: Mumbai's luxury food service company is bringing its IPO, filed draft papers

News Topical, Digital Desk : Mumbai-based luxury food service company Foodlink F&B Holdings (India) has decided to raise funds through an IPO. The company has filed draft papers with market regulator SEBI on June 27. The IPO includes a fresh issue of up to Rs 160 crore and an offer for sale (OFS) of 1.19 crore shares by existing shareholders. The promoters include Ankita Chugh, Trans Global Hotels LLP and Sanjay Manohar Vazirani.

At the same time, investors like Arpit Khandelwal, V'Ocean Investments, Oaks Asset Management, RK Investments, Welspun Group Master Trust, Arin Capital Partners (through TV Mohandas Pai and Ranjan Ramdas Pai), and Bona Terra Greenhouses will also sell their shares under OFS.

Promoters hold 63.4 per cent stake in the company, while the remaining 36.6 per cent shares are held by other investors, including 11.15 per cent stake of Arpit Khandelwal and 7.02 per cent stake of V'Ocean Investments. Pre-IPO placement of up to Rs 32 crore can also be considered before the IPO. 

Where will the money be used The company will spend Rs 40.9 crore of its fresh issue amount to set up two new central kitchens and Rs 45.4 crore to open four new casual dining restaurants, which will be operated by its subsidiary Foodlink Global Restaurants & Catering Services LLC. Apart from this, the company will repay debt of Rs 28.4 crore and the remaining amount will be used for general corporate purposes. Equirus Capital and JM Financial will handle the IPO of Foodlink F&B Holdings (India).

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