Captain Fresh, a business-to-business (B2B) seafood company founded by Utham Gowda in 2019, has initiated preparations for its initial public offering (IPO) scheduled for 2025. According to media reports, the company aims to raise between USD 350 million and USD 400 million, planning a mix of fresh shares and an offer for sale.
In its pursuit of a public listing, Captain Fresh has engaged with multiple bankers, ultimately selecting Axis Capital and Bank of America as its primary advisors. The company is still finalising whether to include additional domestic and international banks in its IPO syndicate.
While gearing up for the IPO, Captain Fresh is simultaneously looking to raise USD 50-60 million in a pre-IPO round, primarily led by Accel. The company’s valuation for this round is expected to reach around USD 800 million, a significant increase from the previous valuation of USD 500 million, driven by strong profits and strategic acquisitions.
Captain Fresh has made several international acquisitions, including companies in Indonesia, Poland, and the US, enhancing its market position in the seafood industry. As negotiations for the pre-IPO funding continue, the company plans to conduct staggered fundraising rounds, potentially involving external investors later on.
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