<h1>Maize Product Maker Raises Rs 210 Cr IPO to Fund Rs 430 Cr Plant Expansion and Debt Repayment</h1> An Indian maize-based specialty product manufacturer is investing Rs 430 crore to double production capacity at its Bihar plant, funded through a mix of debt and internal accruals. To support expansion and debt repayment, the company is launching a Rs 210-crore IPO, comprising a fresh issue and an offer for sale by promoters, reducing promoter stake to about 71%. The expansion qualifies for state subsidies and is expected to be operational by March 2026. Despite a total debt of Rs 570 crore as of March 2025, the company anticipates stable debt levels post-expansion with accelerated repayment from April 2026 due to increased turnover. The company plans to diversify its product range and expand market reach domestically and internationally. Recent financials show significant revenue and profit growth, though cash flow has been negative due to raw material procurement timing.