Essex Marine Ltd IPO

The IPO opens on 04 Aug 2025 & closes on 06 Aug 2025.

Essex Marine Limited was incorporated under the Companies Act, 1956 as a private limited company under the name and style of Rajsen Impex Private Limited' pursuant a certificate of incorporation dated August 27, 2009 issued by the Registrar of Companies, West Bengal at Kolkata. Subsequently, the name of the Company was changed to Essex Marine Private Limited' and a fresh certificate of incorporation dated November 8, 2013 was issued by the Registrar of Companies, West Bengal at Kolkata. Further, Company was converted into a public limited company, consequent to which its name was changed to Essex Marine Limited' and a fresh certificate of incorporation dated February 19, 2025, was issued by the Registrar of Companies, Kolkata. The Company is a producer of processed fish and shrimp headquartered in Kolkata, West Bengal. Main processed seafood comprised of different varieties of marine fish and shrimp as well as aquaculture vannamei shrimp. It export frozen fish and shrimps from India under the brand name 'Essex'. In 2015, the Company established its first EU-approved processing unit and began operations of seafish and shrimp approved by the Export Inspection Council and MPEDA. In 2019, Company established a state-of-the-art cold storage facility under the brand name 'DE SENS COLD STORAGE' in Kolkata, at Udayan Industrial Estate under WBSIDCL. The Company is a 'One Star Export House'. Company's modern processing facility is strategically located at Shankarpur close to Digha, which is one of the biggest landing centres in the eastern coast of India. Further, it also operate a dry and cold store centrally located in Kolkata for storing of varieties of frozen food items. Company came up with the IPO by allotting a fresh issue of 42,62,000 equity shares of face value Rs 10 and raised Rs 23.01 Crores in August, 2025.

Essex Marine Ltd IPO will close on 06 Aug 2025.

<ul><li>Strategic location of our processing unit.</li><li>Strategic geographical presence.</li><li>Quality Assurance and Quality Control of our products.</li><li>Strong, cordial & long-term relationship with our customers.</li><li>Cost effective production and timely fulfilment of orders.</li><li>Well experienced management team.</li></ul>

<table class="table"> <thead> <tr> <th>S.No</th> <th>Promoters Name</th> <th>Pre Issue Shares</th> <th>Pre Issue Percentage</th> <th>Post Issue Shares</th> <th>Post Issue Percentage</th> </tr> </thead> <tbody> <tr> <td>1</td> <td>Debashish Sen</td> <td>10104276</td> <td>91.85</td> <td>10104276</td> <td>66.21</td> </tr> <tr> <td>2</td> <td>Kajari Sen</td> <td>895714</td> <td>8.14</td> <td>895714</td> <td>5.87</td> </tr> </tbody> </table>

<ul><li>We operate in an environmentally sensitive industry and are subject to biosecurity risks at shrimp farms, shrimp hatchery, landing areas, our processing and other facilities and during the transportation of raw and processed shrimp and fish products, which could have a material adverse effect on our business, financial condition and results of operations.</li><li>General outbreaks of fish and shrimp diseases can significantly restrict our ability to conduct our operations and this could have a material adverse impact on our business, financial condition and results of operations.</li><li>We derive a significant portion of our revenue from two products. If sales volume or price of such products declines in the future, or if we are unable to sell such products for any reason, our business, financial condition, cash flows and results of operations could be adversely affected. Our commercial success is largely dependent upon our ability to strategically diversify our product portfolio. Presently, we deal in a limited number of products and therefore, our ability to diversify and successfully market our products might be limited, which may have an adverse impact on our revenue and profitability.</li><li>A significant portion of our revenue is generated from our limited number of large customers and if we are unable to maintain our relationship with such customers or if there is a reduction in their demand for our products, our business, results of operations and financial condition will be materially and adversely affected. Further, these large customers exercise substantial negotiating leverage with us, which could adversely impact our results of operations.</li><li>We derive a significant portion of our revenues from repeat orders which we identify as orders placed by key customers that have placed orders with our Company previously. Any loss of, or a significant reduction in the repeat orders received by us could adversely affect our business, results of operations, financial condition and cash flows.</li><li>Majority of our revenue is earned from our export operations in the countries such as, China, Israel and Europe. Any adverse changes in economic and political conditions in these countries may have an adverse impact on our business, results of operations, cash flows, and financial condition.</li><li>Our international operations expose us to complex legal, tax and economic risks, and exchange rate fluctuations. Our inability to successfully manage our geographically diverse operations could adversely affect our business and results of operations.</li><li>In the past, we have generated a majority of our revenue through offering job work services relating to processing of fish and shrimp products to third party exporters. We typically do not have firm commitment with our customers in this vertical. If our customers choose not to source their requirements from us, there may be a material adverse effect on our business, financial condition, cash flows and results of operations.</li><li>We do not have contractual agreements with suppliers for our raw materials, and an increase in the cost of or a shortfall in the availability of raw shrimp and fish could have an adverse effect on our business and results of operations.</li><li>We have limited experience in our ready to cook segment, and we may be unable to compete effectively with our competitors in the same line of business, which could have a material adverse effect on our business, financial condition and results of operations.</li><li>The improper handling, processing or storage of raw materials or products, or spoilage of and damage to such raw materials and products, or any real or perceived contamination in our products, could subject us to regulatory and legal action, damage our reputation and have an adverse effect on our business, results of operations and financial condition.</li><li>In respect of our domestic operations, we generate our major portion of sales from our operations in certain geographical regions. Any adverse developments affecting our operations in these regions could have an adverse impact on our revenue and results of operations.</li><li>Our Promoter Group entity, Essex Inc. has conflicts of interest as they are engaged in similar business and may compete with us.</li><li>Our Company had negative cash flows in the past years, details of which are given below. Sustained negative cash flow could impact our growth and business.</li><li>There have been instances of delays in payment of statutory dues, i.e. GST, ESIC and EPF by the Company. In case of any delay in payment of statutory due in future by our Company, the Regulatory Authorities may impose monetary penalties on us or take certain punitive actions against our Company in relation to the same which may have adverse impact on our business, financial condition and results of operations.</li><li>We are subject to strict quality requirements, and regulatory and customer inspections. Any failure to comply with quality standards may lead to cancellation of existing and future orders and could have a material adverse effect on our business, financial condition, results of operations and prospects.</li><li>Our processing operations are concentrated in the state of West Bengal and any adverse developments affecting West Bengal could have an adverse effect on our business, results of operations and financial condition.</li><li>We may face several risks associated with the proposed expansion of our processing unit, which could hamper our growth, prospects, cash flows and business and financial condition.</li><li>Our business is predominantly dependent on shrimp. A decline in the supply of shrimp could have a material adverse effect on our business, financial condition, results of operations and reputation.</li><li>Our business is subject to seasonal variations that could result in fluctuations in our results of operations.</li><li>Our inability to effectively manage our growth could have an adverse effect on our business, financial condition and results of operations.</li><li>A part of the Issue proceeds will be utilized by our Company for repayment or prepayment of loans availed by our Company.</li><li>Our Company is yet to place orders for the plant and machinery for the proposed expansion of our peeling capacity. Any delay in placing orders or procurement of such plant and machinery may delay the schedule of implementation and possibly increase the cost of commissioning the processing unit.</li><li>The cost estimates for the proposed expansion of our processing unit have been derived from internal estimates of our management and may not be accurate.</li><li>There have been instances of delays in filings of certain forms which were required to be filed as per the reporting requirements under the Companies Act, 2013 to RoC. Further, there have been instances in the past wherein our Company failed to comply with the provisions of the Companies Act, 2013 while undertaking certain corporation actions, in relation to the allotments made by our Company.</li><li>Any processing or quality control problems may damage our reputation for quality products and expose us to litigation or other liabilities, which could adversely affect our financial results.</li><li>Under-utilization of our processing capacities may have an adverse effect on our business, future prospects and future financial performance.</li><li>Our Company requires significant amount of working capital for a continuing growth. Our inability to meet our working capital requirements may adversely affect our results of operations.</li><li>In the event our marketing initiatives do not yield intended results our business and results of operations may be adversely affected.</li><li>Any delays and/or defaults in customer payments could result in increase of working capital investment and/or reduction of our Company's profits, thereby affecting our operation and financial condition.</li><li>We do not own any trade names or trademarks. We may be unable to adequately protect our intellectual property. Furthermore, we may be subject to claims alleging breach of third party intellectual property rights. Any litigation related to our intellectual property could be time consuming and costly.</li><li>We are dependent on information technology systems in carrying out our business activities and it forms an integral part of our business. Further, if we are unable to adapt to technological changes and successfully implement new technologies or if we face failure of our information technology systems, we may not be able to compete effectively which may result in higher costs and would adversely affect our business and results of operations.</li><li>We may be unable to grow our business in additional geographic regions or international markets, which may adversely affect our business prospects and results of operations.</li><li>There are outstanding litigations involving our Company, our Promoters and our Directors which, if determined adversely, may affect our business and financial condition.</li><li>We do not own certain premises used by our Company. Disruption of our rights as licensee/ lessee or termination of the agreements with our licensors/ lessors would adversely impact our processing operations and, consequently, our business.</li><li>If we are not able to obtain, renew or maintain our statutory and regulatory licenses, registrations and approvals required to operate our business, it may have a material adverse effect on our business, results of operations and financial condition.</li><li>We are dependent on third party transportation providers for delivery of raw materials to us from our suppliers and delivery of our finished products to our customers. We have not entered into any formal contracts with our transport providers and any failure on part of such service providers to meet their obligations could adversely affect our business, financial condition and results of operation.</li><li>If we are unable to identify customer demand accurately and maintain an optimal level of inventory proportionately, our business, results of operations and financial condition may be adversely affected.</li><li>We have significant power requirements for continuous running of our processing unit. Any disruption to our operations on account of interruption in power supply or any irregular or significant hike in power tariffs may have an effect on our business, results of operations and financial condition.</li><li>Our Company has entered into service contracts for our dry and cold store operations. Incase we fail to renew the same on the existing terms or at all, it may adversely affect our business, results of operations, financial condition and cash flows</li><li>We operate in a competitive business environment and our inability to compete effectively may adversely affect our business, results of operations, financial condition and cash flows.</li><li>Our Promoters, Directors, Senior Management and Key Managerial Personnel have interests in our Company other than reimbursement of expenses incurred or normal remuneration or benefits.</li><li>Our Promoters and Promoter Group have extended personal guarantees with respect to loan facilities availed by our Company. Further, our Promoters have also extended personal properties as collateral for securing the facilities availed by our Company. Revocation of any or all of these personal guarantees or withdrawal of such properties may adversely affect our business operations and financial condition.</li><li>Our Promoters and members of the Promoter Group have significant control over the Company and have the ability to direct our business and affairs; their interests may conflict with your interests as a shareholder.</li><li>The average cost of acquisition of Equity Shares held by our Promoters could be lower than the Issue Price.</li><li>Our future fund requirements, in the form of further issue of capital or securities and/or loans taken by us, may be prejudicial to the interest of the Shareholders depending upon the terms on which they are eventually raised.</li><li>We have certain contingent liabilities and our financial condition and profitability may be adversely affected if any of these contingent liabilities materialize.</li><li>We have in past entered into related party transactions and we may continue to do so in the future.</li><li>Our agreements with lenders for financial arrangements contain restrictive covenants for certain activities and if we are unable to get their approval, it might restrict our scope of activities and impede our growth plans.</li><li>Our Company has availed certain unsecured loans from our Promoter, which are recallable in nature.</li><li>In addition to our existing indebtedness for our existing operations, we may incur further indebtedness during the course of business. We cannot assure that we would be able to service our existing and/ or additional indebtedness.</li><li>We have not made any alternate arrangements for meeting our capital requirements for the Objects of the Issue. Further, we have not identified any alternate source of financing the `Objects of the Issue'. Any shortfall in raising / meeting the same could adversely affect our growth plans, operations and financial performance.</li><li>Our success largely depends upon the knowledge and experience of our Promoters, Directors and our Key Managerial Personnel. Loss of any of our Directors and key managerial personnel or our ability to attract and retain them could adversely affect our business, operations and financial condition.</li><li>Our inability to procure and/or maintain adequate insurance cover in connection with our business may adversely affect our operations and profitability.</li><li>Our Company is subject to foreign exchange control regulations which can pose a risk of currency fluctuations.</li><li>Non-Compliance with, and changes in, safety, health and environmental laws and regulations may adversely affect our business, prospects, financial condition and results of operations.</li><li>Our ability to pay dividends in the future may be affected by any material adverse effect on our future earnings, financial condition or cash flows.</li><li>There is no monitoring agency appointed by our Company and the deployment of funds is at the discretion of our Management and our Board of Directors, though it shall be monitored by our Audit Committee.</li><li>Any variation in the utilization of the Net Proceeds as disclosed in this Draft Prospectus shall be subject to certain compliance requirements, including prior Shareholders' approval.</li><li>We have not independently verified certain data in this Draft Prospectus.</li><li>The requirements of being a listed company may strain our resources.</li><li>Delay in raising funds from the IPO could adversely impact the implementation schedule.</li><li>The Equity Shares have never been publicly traded and the Issue may not result in an active or liquid market for the Equity Shares.</li><li>There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the SME Platform of BSE Limited in a timely manner or at all.</li><li>There is no existing market for our Equity Shares, and we do not know if one will develop to provide you with adequate liquidity. Further, an active trading market for the Equity Shares may not develop and the price of the Equity Shares may be volatile.</li><li>Any variation in the utilisation of the Net Proceeds or in the terms of any contract as disclosed in the Draft Prospectus would be subject to certain compliance requirements, including prior shareholders' approval.</li><li>You will not be able to sell immediately on the Stock Exchanges any of the Equity Shares you purchase in the Issue.</li><li>The price of the Equity Shares may be volatile, which could result in substantial losses for investors acquiring the Equity Shares in the Issue.</li><li>Any future issuance of Equity Shares, or convertible securities or other equity-linked securities by our Company may dilute your shareholding and any sale of Equity Shares by our Promoters or members of our Promoter Group may adversely affect the trading price of the Equity Shares.</li><li>Rights of shareholders under Indian laws may be more limited than under the laws of other jurisdictions.</li><li>The Equity Shares have never been publicly traded, and, after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Issue Price, or at all.</li><li>The Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Issue.</li><li>Any future issuance of Equity Shares, or convertible securities or other equity-linked securities by our Company may dilute your shareholding and any sale of Equity Shares by our Promoters or members of our Promoter Group may adversely affect the trading price of the Equity Shares.</li><li>Fluctuation in the exchange rate between the Indian Rupee and foreign currencies may adversely affect the value of our Equity Shares, independent of our operating results.</li><li>Sale of Equity Shares by our Promoters or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.</li><li>QIB and Non-Institutional Investors are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid.</li><li>There are restrictions on daily movements in the trading price of the Equity Shares, which may adversely affect a shareholder's ability to sell Equity Shares or the price at which Equity Shares can be sold at a particular point in time.</li><li>Any issuance or sale of the Equity Shares by any existing shareholder could significantly affect the trading price of the Equity Shares.</li><li>The Equity Shares issued pursuant to the Issue may not be listed on BSE in a timely manner, or at all.</li><li>There is no existing market for our Equity Shares, and we do not know if one will develop to provide you with adequate liquidity. Further, an active trading market for the Equity Shares may not develop and the price of the Equity Shares may be volatile.</li><li>The price of the Equity Shares may be highly volatile after the Issue.</li><li>You will not be able to sell immediately on the Stock Exchanges any of the Equity Shares you purchase in the Issue.</li></ul>

The Issue type of Essex Marine Ltd is Fixed Price - SME.

The minimum application for shares of Essex Marine Ltd is 4000.

The total shares issue of Essex Marine Ltd is 4262000.

Public issue of 42,62,000 equity shares of face value Rs. 10 each ("Equity Shares") of the company for cash at a price of Rs. 54/- per equity share (including a securities premium of Rs. 44/- per equity share) (the "Issue Price"), aggregating upto Rs. 23.01 crores ("Issue") of the issue, 2,14,000 equity shares aggregating to Rs. 1.16 crores will be reserved for subscription by market maker ("Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. issue of 40,48,000 equity shares of face value of Rs. 10 each at an issue price of Rs. 54/- per equity share aggregating to Rs. 21.86 crores is hereinafter referred to as the "Net Issue". The issue and the net issue will constitute 27.92%% and 26.52%, respectively of the post issue paid up equity share capital of the company. The face value of the equity share is Rs. 10/- and the issue price is 5.4 times of the face value.