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Amira Nature Foods aims to capitalize on appetizing organic food IPO market

Posted
9/4/2012 2:13:00 PM
By: Renaissance Capital
Referenced Stocks:BNNY;NGVC

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 ( BNNY ), 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 ( NGVC ), 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.