Ahmedabad:

Dangee Dums Ltd, the Ahmedabad based manufacturer of premium and designer cakes today announced its maiden Initial Public Offering (IPO).

CMD of the company, which has a total of 81 outlets in Gujarat (46 in Ahmedabad, 20 Surat, 9 Vadodara and 3 each in Anand and Gandhinagar), today said that the SME IPO to be listed on the National Stock Exchange’s EMERGE platform has been brought a view to repay secured borrowings, purchase of fixed assets and other general corporate requirements.

The IPO will consist of 2712000 equity shares of face value of Rs 10 each at fixed price of Rs 74 per shares. The issue will open on August 20 and close on August 24. The minimum lot size would be 1600 retail shares. The issue comprises of the 26.42% of the post issue paid up capital.

Patel said that the company which started in Ahmedabad in 2011 with a humble beginning of a single store in Panjarapole area of the city has with innovative products like ganache based designer cakes and mini cakes has expanded at quite a rapid pace and with a revenue CAGR of 87.43% over the last five years (2014-2018).

The company which had recently forayed in to ice cream segment is also likely to enter cookies and candies segment.

DeshGujarat