Burger King's Supplier Mrs Bectors Fixes Price Band For IPO

Mrs Bectors Food Specialties, one of the leading companies in the premium bakery segment and a supplier to fast-food chains like Burger King, has fixed its price band for its initial public offering (IPO). The company has set the band at Rs 286-288 per share for the issue which is set to open on 15 December.

The bakery products maker plans to raise Rs 540.54 crore through the IPO which comprises a fresh issue of Rs 40.54 crore and an offer for sale (OFS) of Rs 500 crore by selling shareholders.

Mrs Bectors shareholders, namely Linus Private Limited, Mabel Private Limited, GW Crown PTE Ltd and GW Confectionary PTE Ltd, are going to sell shares worth Rs 245 crore, Rs 38.5 crore, Rs 186 crore and Rs 30.5 crore, respectively.

Shares worth Rs 50 lakh have been reserved for employees and will be offered for bid at 15% discount.

Those participating in the issue will have to make a minimum bid for a lot of 50 equity shares and in multiples of 50 shares thereafter.

The issue will open for anchor investors a day earlier on 14 December. The IPO will close on 17 December.

Mrs Bectors Food Specialties supplies bakery products to retail consumers in 26 states in India and to institutional customers with pan-India presence and to 64 countries. Apart from selling premium bakery products under the brands Mrs Bector's Cremica and English Oven, the company is also the largest supplier of buns in India to reputed quick-service restaurant chains such as Burger King India, Connaught Plaza Restaurants, Hardcastle Restaurants, and Yum! Restaurants (India), as per the Technopak report.