Captain Fresh Withdraws Confidential IPO Filing, Puts Public Listing Plans on Hold

The draft red herring prospectus (DRHP) that Captain Fresh submitted to the Securities and Exchange Board of India (SEBI) has been formally withdrawn. Utham Gowda, a cofounder of Captain Fresh, acknowledged in an interview with a media outlet that the company had temporarily paused its listing attempt due to unexpected delays in obtaining regulatory permits for an acquisition it made in the European market.

According to Gowda, Captain Fresh now intends to refile its IPO documents in early 2026 following the aforementioned regulatory clearances. The business stated in a statement that it has obtained all required regulatory permissions for the acquisition and is currently carrying out the last steps of the transaction, which will greatly improve our position in the worldwide market. Because of this, the company is keeping the flexibility of its capital structure necessary to support these strategic equity investments. This retreat is a calculated step in the right direction.

Captain Fresh to Opt for Fresh Filing

The withdrawal occurs four months after Infifresh Foods Ltd., the parent company of Captain Fresh, submitted its DRHP for a $400 million initial public offering (IPO) to the SEBI through the confidential pre-filing procedure in August of this year. The business stated that, in spite of the withdrawal, it will follow its initial listing deadlines and submit a new filing after the deal closes.

To put things in perspective, the seafood giant has strengthened its position in the European market with three significant acquisitions. It already purchased the Polish salmon products company Koral in 2024 and the French cooked prawn manufacturer and distributor Senecrus in late 2023, in addition to acquiring the Spanish yellowfin tuna producer Frime earlier this month.

Gowda told a media outlet earlier this year that the US accounts for about 60% of Captain Fresh's demand, with Europe coming in second. Just 2-3% of its sales come from India, while less than 5% of its items are supplied to the Middle East. Therefore, in order to improve its business stack, the B2B seafood provider must make offshore acquisitions. The corporation has ten subsidiaries and joint ventures in the US, Europe, and Asia.

Financial Outlook of Captain Fresh

The company was founded in 2020 and links fishermen with businesses and retailers through its e-commerce platform. In addition to providing digital solutions like e-auctions and predictive tools for fishermen, its tech platform seeks to enhance quality, guarantee traceability, and connect supply with demand. Investors such as Z47 (previously Matrix Partners India), Anicut Capital, Prosus, Tiger Global, Accel Partners, and British International Investment have contributed about $220 million to the e-commerce company's private fundraising.

Captain Fresh's financial performance improved from a loss of INR 229 Cr in FY24 to a consolidated net profit of INR 42.4 Cr in FY25. In FY25, operating revenue increased 145% from INR 1,395 Cr to INR 3,421 Cr. According to the corporation, the financial momentum was sustained in the first half of FY26. In just the first half of FY26, Captain Fresh Group has significantly exceeded its prior full-year EBITDA and PAT, according to the business. As it gets ready for a strong public market debut, this pattern shows a notable increase in margins and a steady path of profitable growth.