The initial public offering of Mrs. Bectors Food Specialities Ltd. saw frenzied demand on the final day of bidding, making it the most successful issue by any Indian company in over three years.
The maiden offer was subscribed 199 times at the end of bidding on Dec. 17, led by high net-worth individuals, according to data compiled from Edelweiss Partners. That was the biggest subscription number since Salasar Techno Engineering Ltd.'s IPO in July 2017 which was subscribed 273 times.
Subscription Details
Qualified institutional buyers: 178.08 times
High net worth individuals: 625.2 times
Retail investors: 29.53 times
Employees: 45.8 times
The IPO 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 Standard Life Insurance Co., 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
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
