Retail investors bet on the initial public offering of Mrs. Bectors Food Specialities Ltd., a supplier to McDonald's to KFC, on the first day of subscription.
The issue was subscribed 1.54 times as of 12:27 p.m. on Dec. 15, according data compiled from Edelweiss Partners. The IPO will close on Dec. 17.
Subscription details:
Institutional investors: 0
High net worth individuals: 25%
Retail investors: 2.96 times
Employee: 91%
The maiden offer comprises a fresh equity issue worth Rs 40.5 crore and a Rs 500-crore offer-for-sale by Linus Pvt., Mabel Pvt., GW Crown Pte. and GW confectionary Pte. The price band for selling shares has been fixed at Rs 286-288 apiece, according to its red herring prospectus.
The company, according to exchange filing, has raised Rs 162 crore by allocating 56,25,415 shares to anchor investors, including Goldman Sachs India Ltd., HDFC Life Insurance, Franklin India Smaller Companies Fund and IDFC Emerging Business Fund, among others. A total of seven mutual funds applied through a total of 23 schemes.
Mrs. Bectors plans to use the proceeds to expand its biscuit factory at Rajpura, Punjab.
Research reports on Mrs. Bectors IPO:
Prabhudas Lilladher: Mrs. Bectors Food IPO - Biscuits Scalability An Opportunity
Geojit: Mrs. Bectors Food IPO - A Well-Positioned Player With Growth Opportunities
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