Essex Marine Ltd, is producer of processed fish and shrimp headquartered in Kolkata, West Bengal. Their main processed seafood comprised of different varieties of marine fish and shrimp as well as aquaculture vannamei shrimp. They export frozen fish and shrimps from India under the brand name “Essex”. They have over 16 years of history in fish and shrimp processing and selling of processed frozen fish and shrimp with varying degrees of value addition to their customers to China, Europe and Israel.
Essex Marine, an Fixed Price Issue, amounting to ₹ 23.01 Crores, consistingentirelyan Fresh Issue of 42.62 Lakh Shares. The subscription period for the Essex Marine IPO opens on August 04, 2025, and closes on August 06, 2025. The allotment is expected to be finalized on or about Thursday, August 07, 2025, and the shares will be listed on the BSE SME with a tentative listing date set on or about Monday, August 11, 2025.
The Share Price of Essex Marine IPO is set at ₹ 54per equity share. The Market Capitalisation of the Essex Marine at IPO price of ₹ 54 per equity share will be ₹ 82.41 Crores. The lot size of the IPO is 2,000 shares. Individual investors are required to invest a minimum of 2 lots (4,000 shares), amounting to ₹ 2,16,000.
KHANDWALA SECURITIES LIMITEDis the book running lead manager of the Essex Marine, while SKYLINE FINANCIAL SERVICES PRIVATE LIMITEDis the registrar for the issue. Gretex Share Broking Limited is the Market Maker for Essex Marine IPO.
Essex Marine LimitedIPO GMP Today
The Grey Market Premium of Essex Marine IPO is expected to be ₹ 0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
Essex Marine LimitedIPO Live Subscription Status Today: Real-Time Update
Essex Marine IPO will be open for its subscription on 04 August, 2025.
Essex Marine LimitedDay Wise IPO GMP Trend
Date
IPO Price
Expected Listing Price
GMP
Last Updated
31 July 2025
₹ 54
₹ 54
₹ 0 (0.00%)
08:00 AM; 31 July 2025
Essex Marine Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online Essex MarineIPO allotment date is 07 August, 2025, Thursday. Essex Marine IPO Allotment will be out on 7th August, 2025 and will be live on Registrar Website from the allotment date. Check Essex Marine IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Essex Marine Limited IPO from the dropdown list of IPOs
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of Essex Marine LimitedIPO
Essex Marine to utilise the Net Proceeds towards the following objects: (i) ₹ 247.93 Lakh is required for Expansion of existing peeling capacity at existing processing unit at Shankarpur Road, Kaluya Sanda, Kuliyata, West Bengal 721441 (ii)₹ 78.25 Lakh is required for 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 (iii)₹ 600.00 Lakh is required for Funding of the working capital requirements of the Company; (iv)₹ 715.00 Lakh is required for Repayment/pre-payment, in part, of certain secured borrowing availed by the Company; and (v)₹ 343.16 Lakh is required for General corporate purposes.
42,62,000 Equity Shares (aggregating to ₹ 23.01 Cr)
Fresh Issue
42,62,000 Equity Shares (aggregating to ₹ 23.01 Cr)
Offer for Sale
NA
Issue Type
Fixed Price Issue
Listing At
BSE SME
Share holding pre issue
1,10,00,000
Share holding post issue
1,52,62,000
Essex Marine IPO Lot Size
Application
Lots
Shares
Amount
Retail (Min)
2
4,000
₹2,16,000
Retail (Max)
2
4,000
₹2,16,000
S-HNI (Min)
3
6,000
₹3,24,000
S-HNI (Max)
9
18,000
₹9,72,000
B-HNI (Min)
10
20,000
₹10,80,000
Essex Marine IPO Timeline (Tentative Schedule)
IPO Open Date
Monday, August 4, 2025
IPO Close Date
Wednesday, August 6, 2025
Basis of Allotment
Thursday, August 7, 2025
Initiation of Refunds
Friday, August 8, 2025
Credit of Shares to Demat
Friday, August 8, 2025
Listing Date
Monday, August 11, 2025
Cut-off time for UPI mandate confirmation
5 PM on August 6, 2025
Essex Marine IPO Reservation
Investor Category
Shares Offered
Reservation %
Non-Institutional Investor Portion
20,24,000
50% of the Net Issue
Retail Shares Offered
20,24,000
50% of the Net Issue
Market Maker Portion
2,14,000
-
Essex Marine IPO Promoter Holding
Share Holding Pre Issue
99.99 %
Share Holding Post Issue
72.08 %
Essex Marine IPO Subscription Status
Investor Category
Shares Offered
Shares Bid For
No oF Times Subscribed
Non Institutional Investors(NIIS)
22,38,000
-
0.00
Retail Individual Investors (RIIs)
20,24,000
-
0.00
Total
42,62,000
-
0.00
About Essex Marine Limited
BUSINESS OVERVIEW
Essex Marine, headquartered in Kolkata, West Bengal, is a processed seafood producer and exporter, specializing in frozen fish and shrimp under the brand name “Essex”. With over 16 years of industry experience, the company supplies value-added seafood products to key international markets including China, Europe, and Israel, serving food service distributors and warehouse chains.
The company operates an integrated supply chain covering raw seafood procurement, processing, and export distribution, sourcing primarily from landing centres and aquaculture farmers along India’s eastern coast. The processing facility, located in Shankarpur, Purba Medinipur, is strategically positioned near major Vannamei aquaculture zones. In addition, a central dry and cold storage unit with a capacity of 1,800 MT is located at Tangra, Kolkata.
The processing plant is equipped with best-in-class machinery and certified with FSSC V5.1, BRC Global Standard for Food Safety, and HACCP. A dedicated Quality Control and Assurance system, supported by an in-house laboratory, ensures compliance with international safety and quality standards throughout the production cycle.
The company holds the status of a “One Star Export House” and also undertakes job work for merchant exporters, optimizing plant capacity utilization. The product portfolio includes:
Marine fish
Marine shrimp
Aquaculture Vannamei shrimp
To enhance capacity, ₹ 247.93 lakhs is proposed for increasing the peeling capacity from 10.8 to 21.6 tons/day (8-hour shift). Further, ₹ 78.25 lakhs is allocated for expanding into “ready to cook” frozen fish and shrimp through the blanching process at the existing plant.
Operating under a B2B model, Essex Marine has maintained strong relationships with repeat buyers, reflecting its product quality, reliability, and cost efficiency. Marketing and sales are led by Managing Director Debashish Sen, with continuous engagement through international buying agents. The business is subject to seasonal demand variations, particularly a decline post-New Year in the shrimp segment.
As on March 31, 2025, the Company has a total employee strength of 91 employees. The Banker to the company is Axis Bank Limited.
INDUSTRY ANALYSIS
Industry Overview: India's Thriving Fisheries and Aquaculture Sector
India stands as the third-largest producer of fish and aquaculture products globally, contributing 7.96% to the world’s total fish production. The sector is a major livelihood source, employing over 28 million people across the country.
India is richly endowed with both marine and inland fisheries resources. The marine zone comprises an 8,118 km long coastline, an Exclusive Economic Zone (EEZ) of 2 million sq. km, and a continental shelf area of 0.53 million sq. km. The inland water system is equally extensive, including 0.27 million km of rivers and canals, 2.36 million hectares of ponds and tanks, 3.54 million hectares of reservoirs, and 1.2 million hectares of floodplain lakes.
In terms of output, national fish production for 2022–23 was projected to exceed 174 lakh tons, split between 131.13 lakh tons from inland fisheries and 42.87 lakh tons from marine sources. This marks an 81% increase since 2013–14, underlining the sector's consistent growth.
In 2021–22, India recorded a total fish production of 16.24 million metric tons (MMT)—12.12 MMT from inland and 4.12 MMT from marine areas. The fisheries industry is not just a domestic strength but also a key contributor to India’s foreign exchange earnings. As of 2020–21, the country had harnessed 66% of its marine and 51% of its inland fisheries potential.
Among the leading states, Andhra Pradesh leads the production charts, having contributed 5.1 million MT in 2022–23, followed by Gujarat, West Bengal, Tamil Nadu, Kerala, Karnataka, Maharashtra, and Odisha.
Export Performance
India has shown strong performance in global seafood markets. In 2023–24, the country exported 17.8 million tons of marine products, earning US$ 7.38 billion in value. Though slightly lower than the US$ 8.09 billion achieved in 2022–23, India remains a major player in international seafood trade.
The most exported item continues to be frozen shrimp, which alone accounts for over 40% of export volume and 66.12% of total export value. Other major products include frozen fish (21.42%), cuttlefish (3.05%), and squid (5.25%), with some minor variations compared to the previous year.
Looking ahead, India’s marine exports are projected to touch US$ 14 billion by 2025. The Marine Products Export Development Authority (MPEDA) has already laid out a strategic roadmap to achieve this target by enhancing both production capacity and value-added product development.
Major Export Destinations
The USA continues to be the largest importer of Indian seafood, contributing 36.01% (US$ 585.97 million) to the total export value in early 2024–25 (until June 2024). China ranks second with 19.08%, followed by Japan (5.47%), Vietnam (4.15%), Spain (2.75%), and Belgium (2.44%). Collectively, other countries make up the remaining 30.01%. Notably, the European Union remains India’s third-largest seafood market, with frozen shrimp exports to the EU witnessing 29.11% growth in quantity and 37.09% in value.
Value Addition and Infrastructure Support
Recognizing the growing global demand for processed and value-added seafood products, India has placed a strong emphasis on modernizing its seafood processing infrastructure. However, value addition remains capital intensive and technologically demanding. To support this transformation, MPEDA has introduced the Technology Development for Specific Value-added Marine Products (TDSVMP) scheme.
This initiative—approved by the Department of Commerce in February 2024—provides financial support for:
Product development
Automation and packaging systems
Cold storage infrastructure
Chilled and dried fish handling centers
TDSVMP is aimed at promoting investments among small and medium-scale seafood processors, thus enabling the industry to meet rising global quality standards and positioning India as a value addition hub.
Government Schemes Driving Growth
India's fisheries sector is further backed by major government programs like the Pradhan Mantri Matsya Sampada Yojana (PMMSY). Launched in 2020 with a total outlay of US$ 2.53 billion (₹20,050 crore), PMMSY aims to:
Boost fish production to 22 million MT by 2024–25
Enhance aquaculture productivity to 5 tons per hectare
Increase fisheries sector contribution to 9% of agricultural GVA
Funding is shared across the central government (US$ 1.12 billion), state governments (US$ 617 million), and beneficiaries (US$ 729 million).
Another vital initiative is the Fisheries and Aquaculture Infrastructure Development Fund (FIDF), introduced in 2018–19 with a total allocation of US$ 951 million (₹7,522 crore). The FIDF supports infrastructure development across fisheries through concessional finance to eligible entities, facilitated by institutions such as NCDC, NABARD, and scheduled banks.
India’s fisheries and aquaculture industry, driven by vast natural resources, increasing export potential, and strong government backing, is poised to become a global leader in sustainable and value-added seafood production.
BUSINESS STRENGTHS
Strategic Location of Processing Unit
The modern processing facility is strategically located at Shankarpur near Digha, one of the largest landing centres on India’s eastern coast. Situated in Purba Medinipur district, West Bengal, the unit benefits from proximity to regions producing the highest quantity of Vannamei aquaculture.
Geographical Presence
With a strong market presence, modern processing capabilities, and commitment to quality, Essex Marine has established its footprint in key international markets, exporting to China, Europe, and Israel.
Robust Quality Assurance & Control
A dedicated quality system ensures stringent checks from raw material procurement to final dispatch. Supported by skilled professionals and an in-house lab, the process guarantees compliance with international standards. The company has maintained a track record of zero product rejections.
Long-term Customer Relationships
The client base includes merchant exporters, distributors, and warehouse chains, both domestic and international. Repeat orders reflect the company’s reliability, quality, and cost efficiency.
Cost-effective Production & Timely Delivery
An efficient production system, strong supplier relationships, and smooth labour operations enable cost-effective processing and timely fulfillment of large and diverse orders.
Experienced Leadership
Under the leadership of Debashish Sen (Managing Director), the management team drives strategic growth, operational efficiency, and stakeholder engagement, focusing on business expansion and risk management.
BUSINESS STRATEGIES
Expansion of Peeling Capacity
The processing unit at Shankarpur, West Bengal, is being upgraded to double its peeling capacity from 10.8 MT to 21.6 MT per day (in an 8-hour shift) to meet increasing demand for processed seafood.
Forward Integration into “Ready-to-Cook” Segment
A new processing section with an installed capacity of 4.8 MT per day is being set up for “ready-to-cook” frozen fish and shrimp. An investment of ₹78.25 lakhs from the Net Proceeds of the Issue will support this initiative, enabling operational and financial growth.
Market Penetration and Geographic Expansion
Focus remains on strengthening relationships in existing markets such as China, Europe, and Israel, while also expanding domestic reach with new offerings in the “ready-to-cook” frozen segment, targeting untapped regions and mitigating market risk.
Enhanced Quality Control Systems
A robust Quality Management and Documentation System ensures stringent control from supplier selection to final product testing, enhancing product reliability and customer satisfaction.
Customer Retention and Acquisition
Strong ties with the existing client base continue to drive repeat business. The sales team engages with buyer agents and provides regular product samples, helping to attract new customers while maintaining long-term client relationships.
Product Diversification
Plans are in place to scale up production of high-value, value-added shrimp products such as skewered, stretched, and marinated shrimp, which currently exist in limited volumes but hold premium market appeal.
Cost Optimization and Operational Efficiency
Ongoing initiatives include process improvement, resource optimization, worker skill enhancement, and modernization of procedures. Efforts are also directed towards streamlining material procurement to eliminate bottlenecks and reduce operational costs.
BUSINESS RISK FACTORS & CONCERNS
Exposure to Biosecurity and Disease Risks
Operating in an environmentally sensitive industry, the company is vulnerable to biosecurity risks at multiple stages—shrimp hatcheries, farms, landing areas, processing units, and during transportation. Diseases such as White Spot Disease can severely affect shrimp health. Despite existing biosecurity measures, guaranteed prevention cannot be assured, and any outbreak may result in significant disruptions, impacting the company’s reputation, operations, and financial performance.
High Revenue Dependence on Limited Products
A significant portion of revenue is derived from aquaculture vannamei shrimp and marine fish. Limited product diversification increases the risk of revenue volatility. A decline in sales volume or pricing of these core products could adversely affect business growth, profitability, and cash flows.
Geographical Concentration of Exports
The company earns the majority of its revenue from exports to China, Europe, and Israel. Economic or political instability in these regions poses a risk to continuity of operations. Limited presence in other global markets restricts the ability to hedge such risks effectively.
Uncertainty in Job Work Revenue
Revenue from job work services for third-party exporters lacks firm commitments and long-term contracts. A decline in demand or a shift by exporters to alternate processors could impact plant utilization and cause material financial setbacks.
Summary: Essex Marine faces key risks from biosecurity vulnerabilities, reliance on a narrow product portfolio, export market concentration, and non-committed job work contracts. Any disruption across these areas may significantly affect its financial condition, operational stability, and growth potential.
Essex Marine Limited Financial Information (Restated Consolidated)
Amount in (₹ in Lakh)
Period Ended
Mar 31, 2025
Mar 31, 2024
Mar 31, 2023
Reserve of Surplus
667.90
751.39
569.10
Total Assets
4,908.63
3,425.54
4,098.71
Total Borrowings
2,390.00
1,607.92
1,934.22
Fixed Assets
2,307.76
2,017.04
2,012.18
Cash
121.48
126.92
184.56
Net Borrowing
2,268.52
1,481.00
1,749.66
Revenue
3,993.19
2,111.05
2,359.43
EBITDA
943.52
498.66
601.34
PAT
466.50
182.29
202.65
EPS
4.24
1.66
1.84
Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP. Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2025 Data, given in RHP. Note 3:- RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP. Note 4:- Price to Book Value calculation in KPI is based on Cap Price Post Issue, given in RHP.
Essex Marine Ltd, is producer of processed fish and shrimp headquartered in Kolkata, West Bengal. Their main processed seafood comprised of different varieties of marine fish and shrimp as well as aquaculture vannamei shrimp. They export frozen fish and shrimps from India under the brand name “Essex”. They have over 16 years of history in fish and shrimp processing and selling of processed frozen fish and shrimp with varying degrees of value addition to their customers to China, Europe and Israel.
The company is led by experienced management team comprising qualified Key Managerial Personnel. The Promoter and Managing Director, Debashish Sen, have extensive experience in the Indian seafood industry. He is leading the Company’s strategy and operations. Under his guidance, the Company has been able to achieve a expand its operations. He is responsible for expanding business horizons, corporate strategy, leadership and management, stakeholder relations, and identifying new opportunities and risk management.
The Revenues from operations for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 3,993.19 Lakh, ₹ 2,111.05 Lakh and ₹ 2,359.43 Lakh. The EBITDA for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 943.52 Lakh, ₹ 498.66 Lakh and ₹ 601.34 Lakh. The Profit after Tax for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 466.50 Lakh, ₹ 182.29 Lakh and ₹ 202.65 Lakh respectively. This indicates a growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹4.24and post-issue EPS of ₹ 3.06 for FY24.The pre-issue P/E ratio is 12.73x, while the post-issue P/E ratio is 17.67x against the Industry P/E ratio is 19x. The company's ROCE for FY24 is 18.87%, ROE for FY24 is 30.40% and RoNW is 26.39%. These metrics suggest that the IPO is fairly priced.
The Grey Market Premium (GMP) of Essex Marine showing listing gains of 0.00 %.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the Essex Marine Limited IPO for Listing gain.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
