Amira Nature Foods, a processor, distributor and marketer of
packaged Indian Basmati rice, filed on Wednesday with the SEC to
raise up to $100 million in an initial public offering. The
company originally filed confidentially with the SEC on June 18,
2012. The Dubai, United Arab Emirates-based company,
sells its packaged Indian speciality rices in over 40 countries,
including India (34% of 2011 sales), Kuwait (26%) and UAE (11%).
Amira Nature Foods appears to be another strong play on the
organic and natural foods market, which has seen strong
performance this year. Annie's (
), best known for its line of maccaroni and cheese products, has
had its stock increase an impressive 132% to $44, from its IPO in
March. Natural Grocers (
), an operator of 55 natural and organic grocery stores, has also
outperformed, up 43% to $21.52 since it first traded in July.
Amira Nature Foods is not the only organic food IPO on the
horizon, as Dean Foods recently filed to spinoff its organic
dairy segment, WhiteWave Foods. WhiteWave is best known for its
Silk, International Delight, and Horizon Organic brands.
Amira Nature Foods, which was founded in 1915 and booked $330
million in sales for the 12 months ended March 31, 2012, plans to
list on the NYSE under the symbol ANFI. UBS Investment Bank and
Deutsche Bank are the joint bookrunners on the deal. No pricing
terms were disclosed.