Captain Fresh Withdraws IPO Application to Focus on Frime Acquisition

B2B seafood platform Captain Fresh has voluntarily withdrawn its IPO application with SEBI to prioritise the acquisition of Spanish tuna producer Frime, as per news reports. The stock-swap-based deal impacts disclosure requirements, prompting the need for a fresh filing. 

Captain Fresh Withdraws IPO to Close Frime Acquisition 

Captain Fresh, backed by Prosus and Accel, has withdrawn its draft red herring prospectus filed with Sebi, citing the need to finalise the acquisition of Spain-based Frime.  

This material transaction includes a stock-swap element affecting capital structure clarity, which is mandatory for regulatory filings. The company had initially submitted a confidential filing 4 months ago, aiming to raise ₹1,700 crore via the public offering. 

Due to the ongoing acquisition process, Captain Fresh was unable to submit its final cap table to SEBI for approval. A fresh IPO application will be made once the acquisition and January–March financials are finalised. 

Details of the Transaction and Regulatory Position 

The company confirmed that it has received all necessary regulatory approvals related to the Frime acquisition and is working on final closing actions.  

Captain Fresh stated that despite withdrawal of the IPO application, the original listing timelines remain unchanged. It plans to proceed with a public filing after the formal closure of the deal. 

Captain Fresh also highlighted strong financial performance, stating that its group has already exceeded previous full-year EBITDA and post-tax profit within the first 6 months of FY26. 

Read More: India’s 2025 IPO Boom: ₹1.95 Trillion Raised Across 373 Issues! 

Rapid Growth Through Global Acquisitions 

Founded in 2020 by Utham Gowda, Captain Fresh operates as a tech-enabled B2B seafood marketplace, serving markets across India, the Middle East, Europe, and the US. In FY25, the company’s operating revenue rose by 145% to ₹3,421 crore.  

The growth was supported by strategic acquisitions such as CenSea Inc in the US, Senecrus in France, and Koral in Poland. 

The company had also raised ₹250 crore in pre-IPO funding from existing investors, including Tiger Global and the family office of Swiggy cofounder Sriharsha Majety. 

Conclusion 

Captain Fresh’s decision to withdraw its IPO filing reflects a strategic prioritisation of its Frime acquisition. With all necessary approvals in place, the company plans to reinitiate the listing process after finalising the transaction and updated financials. 

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