GlobalData
2 min read
Cloud kitchens operator Curefoods India has filed preliminary papers with the Securities and Exchange Board of India to raise funds through an initial public offering (IPO).
The IPO will comprise a fresh issuance of shares worth Rs8bn ($97m) and an offer-for-sale of 48.5 million equity shares by existing shareholders, as reported by the Press Trust of India via the Economic Times.
The offer-for-sale involved the offloading of shares from Accel India V, the Alteria Capital Fund, Chiratae Ventures India Fund IV, Crimson Winter, Curefit Healthcare Global eCommerce Consolidation Fund and Iron Pillar PCC.
Bengaluru based CureFoods operates brands such as CakeZone and Nomad Pizza and plans to raise $19m in a pre-IPO round.
If the pre-IPO placement is completed, the size of the fresh issue will be reduced accordingly.
The IPO proceeds will be used for purposes such as allocating $18m for expansion and equipment: $15m for new Krispy Kreme cloud kitchens, restaurants, kiosks and central kitchens, $2.4m for expanding existing cloud kitchens, and $760,000 for purchasing machinery.
An additional $15m will be allocated for debt repayment, $4.8m for lease payments for current properties, and $1.7m for sales and marketing efforts. The company also intends to invest $11m in its subsidiary, Fan Hospitality Services, $1.4m in Cakezone Foodtechs and $9.8m for acquiring further shareholding in three subsidiaries.
A portion of the proceeds will also fund future acquisitions, strategic initiatives and general corporate purposes. Curefoods India is an online multi-brand food services company offering diverse cuisines through delivery and non-delivery channels, including cloud kitchens, kiosks and restaurants.
JM Financial, IIFL Capital Services and Nuvama Wealth Management are serving as the book-running lead managers for the public issue.
"Cloud kitchens operator Curefoods India files papers for IPO" was originally created and published by Verdict Food Service, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
