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Mrs Bectors IPO Fully Subscribed Within First Half Of Day 1

By Staff
|

On Tuesday, the initial public offering (IPO) for Mrs Bectors Food Specialities Ltd was subscribed more than 1.5 times in the first of day one of bidding, led by retail investors.

The issue received bids for 20.83 million shares compared with 3.24 million on offer.

Mrs Bectors IPO Fully Subscribed Within First Half Of Day 1
 

Data from the stock exchange in the afternoon showed that the retail investor category was subscribed 2.96 times. However, the portion reserved for qualified institutional buyers (QIBs) saw no subscription while that for high net worth investors (HNIs) was subscribed 0.25 times.

The Mrs Bectors Food IPO comprises a fresh issue worth Rs 40.50 crore and an offer for sale (OFS) of Rs 500 crore aggregating to Rs 541 crore. The price band for the issue has been fixed at Rs 286-288 a share.

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.

The IPO will close on 17 December.

Proceeds from the fresh issue will be used for financing the expansion of Rajpura manufacturing facility which will see the setting up of a new production line for biscuits, according to draft red herring prospectus filed by the company.

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.

Read more about: ipo
Story first published: Tuesday, December 15, 2020, 14:25 [IST]
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