Indian seafood processor Captain Fresh has temporarily halted its IPO application to expedite an acquisition.
Although the company has not disclosed the specific business it plans to acquire, media sources indicate it is targeting the Spanish tuna company, Frime.
Captain Fresh had initially agreed to acquire Frime in December for an undisclosed amount. In a statement, the company explained: “We have voluntarily withdrawn our Pre Draft Red Herring Prospectus (PDRHP) filed with SEBI to facilitate the expedited closure of a contemplated material acquisition.”
The Bengaluru-based tuna specialist has confirmed that it already received regulatory approval for this transaction. The company believes this acquisition will “significantly enhance our global market position.”
Importantly, Captain Fresh assured stakeholders that its IPO roadmap, established after the PDRHP documents were filed with SEBI in August, remains intact. The company is committed to its original listing timelines and plans to submit a new IPO filing once the acquisition is finalized.
Furthermore, Captain Fresh reported that it has “substantially surpassed” its previous full-year EBITDA and PAT in the first half of its 2026 financial year, indicating significant margin expansion. This growth positions the company favorably ahead of its public market debut.
Founded in 2020, Captain Fresh began as a technology-focused platform designed to enhance the fish and seafood supply chain. It has evolved into a branded seafood entity that includes a diverse portfolio featuring shrimp, salmon, crab, and lobster. This growth has been bolstered by strategic acquisitions, such as CenSea, Senecrus, and Koral.
In February, Captain Fresh acquired US seafood importer and distributor Ocean Garden through CenSea. This deal, finalized for an undisclosed amount, merged the Illinois-based CenSea, recognized for Asian shrimp, with California-based Ocean Garden, specializing in Mexican and Ecuadorian shrimp. Consequently, the acquisition expanded CenSea’s portfolio to include brands like Ocean Garden, Compass, Asian Garden, and Pride of Mexico.
Overall, Captain Fresh’s strategic initiatives align with current trends in the food and beverage industry, showcasing its commitment to growth and market competitiveness.
