Captain Fresh, a B2B seafood company, has chosen Axis Capital and Bank of America as the main bankers for its upcoming initial public offering (IPO) scheduled for 2025.

The company plans to raise between $350 million and $400 million, with approximately half of the funds coming from a fresh issue of shares and the rest from an offer for sale (OFS).

The company aims for a valuation of $1.3 billion to $1.5 billion for its public listing. Founded in 2019 by Utham Gowda, Captain Fresh has raised over $160 million from investors such as Accel, Tiger Global, and Prosus.

Besides Axis Capital and BofA, Captain Fresh is considering adding 1-2 more banks to its IPO syndicate, exploring options between international and domestic firms. The final selection of bankers is expected to be made in the next few weeks.