Captain Fresh picks Axis Capital, BofA as bankers for $400 million public listing; prepares for pre-IPO fundraise

While Axis Capital and BofA are confirmed bankers, the company will add 1-2 more as part of its syndicate

Captain Fresh, the B2B seafood company, has picked Axis Capital and BofA as bankers to its planned initial public offering (IPO) in 2025, people aware of the developments told Moneycontrol.

“The company is looking to raise $350-400 million in its IPO and around 50 percent will be fresh issue of shares while the remaining will be the offer for sale (OFS) component,” one of the persons cited above told Moneycontrol.

Captain Fresh is eyeing a valuation of $1.3-1.5 billion for its public market listing, a second person in the know said. The company dabbles in the fish and seafood market and helps businesses procure fresh produce while also assisting them with processing and distribution in between. Founded by Utham Gowda in 2019, the company has raised over $160 million from Accel, Tiger Global, Prosus, SBI Investment and several others.

While Axis Capital and BofA are the most likely bankers, Captain Fresh will add 1-2 more as part of its final IPO syndicate. “The company is still deciding if it wants two international and one domestic banker or two international and two domestic ones and the final names will be decided over the coming weeks,” the first person cited above said.

Captain Fresh, Axis Capital and BofA did not immediately respond to queries.

Over the past month or so, Captain Fresh has engaged with at least 8-9 bankers and it is likely that the remaining 1-2 names will be one among those. "The formal work will begin shortly and the filing is expected in the first half of 2025. The company will list on the exchanges in the second half of 2025 if everything goes as per plan," the second person cited above told Moneycontrol.

Pre-IPO fundraise

Even as the company is preparing to list next year, it is preparing to raise money in a pre-IPO round.

The company is in advanced stages to raise $50-60 million in a new round that is being led by Accel, an existing investor.

"While Accel will most likely price the round, other existing backers like Tiger, BII, Prosus will also participate in the planned round," a person in the know told Moneycontrol.

Accel, British International Investment (BII), Prosus and Tiger did not immediately respond to a request for comments.

While negotiations are still underway, Captain Fresh is likely to be valued at around $800 million in the fresh round, up sharply from $500 million previously on the back of a strong profit profile and expansion of the business. The company's track record of successive acquisitions also help its case.

The company, run by founder and CEO Utham Gowda, has acquired at least three international companies in the seafood space as it looks to tighten its grip over the fish and other related meat market. Indonesia's Fishlog, Poland's Koral and Illinois-based CenSea, as per data available on Tracxn, a private markets data provider.

"While Captain Fresh will raise $50-60 million in the current round, its pre-IPO round size will be much bigger. It will by staggered across 3-4 rounds with participation from external investors at a later point, too," a person in the know told Moneycontrol.