Biscuit Maker Mrs Bectors' Shares Double In India Market Debut
Mrs Bectors Food Specialties made a spectacular debut on Thursday, listing at a stellar premium of more than 70 per cent and soon doubling thereafter. The shares of the biscuit maker listed at Rs 500, a 73.61 premium over its issue price of Rs 288 per share. The shares opened at Rs 501, higher by Rs 213 or 74 per cent on the BSE and at Rs 500, a 73.61 per cent premium on the National Stock Exchange, compared to the issue price of Rs 288. The shares soon doubled thereafter, and at 11:30 am, the shares were trading aat Rs 571.90, up by 98.61 per cent on the BSE.
Mrs Bectors Food Specialties' Rs 540.54 crore maiden initial public offering (IPO) had witnessed the highest subscription among IPOs in calendar year 2020. The IPO was subscribed 198.02 times, backed by a strong response from all investors. The primary market offering was open between December 15 and December 17 and the shares were issued at a price of Rs 286-288 per share.
The bakery products maker's initial public issue consisted of a fresh issue of Rs 40.54 crore and an offer for sale of Rs 500 crore by existing shareholders.
Mrs Bectors Food Specialties produces biscuits such as cookies, creams, crackers, digestives and glucose under the flagship brand 'Mrs Bector's Cremica'. It also manufactures and markets bakery products such as breads, buns, pizza base and cakes under the 'English Oven' brand.
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