Essex Marine
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 04 Aug 2025 – 06 Aug 2025
- Listing date
- 11 Aug 2025
- Face value
- ₹10 per share
- Issue price
- ₹54 per share
- Lot size
- 2,000 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹23.01 Cr
- Market cap at offer price
- ₹82.41 Cr
- Promoter holding
- 99.99% → 72.08% pre-issue → post-issue
- ISIN
- INE1IBY01019
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Khandwala Securities Ltd.
- Registered office
- 19, Pollock Street, 7th Floor, Room No.7, West Bengal
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 2,14,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹54
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,08,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,16,000 |
| S-HNI (max) | 9 | 18,000 | ₹9,72,000 |
| B-HNI (min) | 10 | 20,000 | ₹10,80,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.24 | 3.06 |
| P/E (×) | 12.74 | 17.65 |
| Price to book (×) | 3.36 | — |
| Market cap | — | ₹82.41 Cr |
Key performance indicators
- Return on net worth
- 26.39%
- ROCE
- 18.87%
- Debt / equity
- 2.40
- PAT margin
- 12.53%
- EBITDA margin
- 25.35%
- NAV per share
- ₹16.07
- Price to book
- 3.36
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Essex Marine
Essex Marine Limited was incorporated in 2009 as Rajsen Impex Private Limited and later renamed Essex Marine Private Limited in 2013, becoming a public company in 2025. Headquartered in Kolkata, West Bengal, the company is an integrated player in processed frozen seafood with over 16 years of history. It procures raw fish and shrimp from landing centers and aquaculture farmers on India's eastern coast, processes them at a modern facility in Shankarpur near Digha (one of India's largest landing centers in Purba Medinipur district where vannamei aquaculture is prominent), and exports products globally. The company operates on a B2B model, serving food service distributors and warehouse chains primarily in China, Europe, and Israel. It also undertakes job work processing for merchant exporters and operates dry and cold storage facilities. The company is a 'One Star Export House' with certifications including FSSC V5.1, BRC Global Standard for Food Safety, and HACCP.
Company Analysis
from DRHPEssex Marine Limited is a processor of frozen marine fish and shrimp including aquaculture vannamei shrimp, exporting primarily to China, Europe, and Israel under the 'Essex' brand.
Essex Marine Limited was incorporated in 2009 as Rajsen Impex Private Limited and later renamed Essex Marine Private Limited in 2013, becoming a public company in 2025. Headquartered in Kolkata, West Bengal, the company is an integrated player in processed frozen seafood with over 16 years of history. It procures raw fish and shrimp from landing centers and aquaculture farmers on India's eastern coast, processes them at a modern facility in Shankarpur near Digha (one of India's largest landing centers in Purba Medinipur district where vannamei aquaculture is prominent), and exports products globally. The company operates on a B2B model, serving food service distributors and warehouse chains primarily in China, Europe, and Israel. It also undertakes job work processing for merchant exporters and operates dry and cold storage facilities. The company is a 'One Star Export House' with certifications including FSSC V5.1, BRC Global Standard for Food Safety, and HACCP.
Objects of the Issue
- Expansion of existing peeling capacity at existing processing unit at Shankarpur Road, Kaluya Sanda, Kuliyata, West Bengal 721441 247.93 lakhs p.20
- Setting up of 'Ready-to-Cook' Section by adding blanching in the existing process at the existing processing unit at Shankarpur Road, Kaluya Sanda, Kuliyata, West Bengal 721441 78.25 lakhs p.20
- Funding of working capital requirements of our Company 600.00 lakhs p.20
- Repayment/pre-payment, in full or in part, of certain borrowings availed by our Company 600.00 lakhs p.20
- General corporate purposes [●] p.20
Issue Structure
- Total Issue
- Up to 43,00,000 Equity Shares of face value of ₹10 each aggregating to ₹[●] lakhs
- Fresh Issue
- Up to 43,00,000 Equity Shares of face value of ₹10 each
- Offer for Sale
- Nil - Entire issue constitutes fresh issue of equity shares
- Price Band
- [●]/- per Equity Share (including a share premium of ₹[●]- per Equity Share)
- Lot Size
- [●] (Market lot and Trading lot)
- Face Value
- ₹10 per equity share
Business Model
The company generates revenue through three primary segments: (1) export sale of processed frozen fish and shrimp products under its 'Essex' brand (73% of revenue for Dec 31, 2024), (2) job work processing services for merchant exporters (17.33% of revenue), and (3) rental income from dry and cold storage operations (9.65% of revenue). It procures raw materials from landing centers and aquaculture farmers, processes them to customer specifications, and ships frozen products in refrigerated containers. The company maintains long-term relationships with repeat customers despite having no formal long-term supply agreements.
Business Segments
SWOT Analysis
- • Strategic location near major landing center enabling cost efficiency(p.127)
- • International quality certifications and approvals(p.127)
- • Long-standing customer relationships with repeat orders(p.126)
- • Experienced management team with industry expertise(p.129)
- • Over 16 years of operational history(p.121)
- • Product quality never rejected by customers(p.131)
- • High concentration with top 10 customers comprising 83.37% of revenue(p.127)
- • Limited product diversification—only three product categories(p.26)
- • Heavy dependence on peeling capacity as bottleneck(p.128)
- • Recent negative operating cash flow in 9-month period ended Dec 31, 2024(p.34)
- • No long-term contracts with customers(p.27)
- • Limited experience in new 'Ready-to-Cook' segment(p.31)
- • Global seafood demand increasing with 17.8 million tons exported in 2023-24(p.117)
- • Government support via PMMSY with ₹20,050 crore investment(p.119)
- • Market opportunities in 'Ready-to-Cook' frozen fish and shrimp sector(p.128)
- • Expansion of peeling capacity to double capacity from 10.8 to 21.6 tons per day(p.128)
- • Geographic expansion to new export markets(p.129)
- • Intense competition from major seafood exporters like Vietnam, Thailand, Ecuador, China(p.138)
- • Biosecurity risks from fish and shrimp diseases like White Spot Disease(p.26)
- • Supply disruptions from general disease outbreaks affecting raw material availability(p.26)
- • Weather and geopolitical factors impacting supply chain(p.137)
- • Foreign exchange and currency fluctuation risks in exports(p.50)
- • Regulatory and import restrictions in key markets(p.29)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Debashish Sen | Promoter | 91.85% | [●] |
| Kajari Sen | Promoter | 8.14% | [●] |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.