Eliciting robust response from investors, the initial share sale of Mrs Bectors Food Specialities got oversubscribed within a few hours of opening for subscription on Tuesday and ended the day with 3.72 times subscription.
After Burger King India, this is the second Initial Public Offer (IPO) this month to have received over subscription in a few hours of opening for public subscription.
Mrs Bectors Food's IPO received bids for 4,92,53,700 shares as against 1,32,36,211 shares on offer, according to data available with the NSE.
The Qualified Institutional Buyers (QIBs) category was subscribed 2 per cent, while that of non-institutional investors and retail investors got subscribed 1.37 times and 6.83 times, respectively.
The offer comprises a fresh issue of Rs 40.54 crore and an offer-for-sale of up to Rs 500 crore.
The price band for the share sale, which would close for subscription on Thursday, has been fixed at Rs 286-288 apiece. On Monday, Mrs Bectors Food raised Rs 162 crore from anchor investors.
SBI Capital Markets, ICICI Securities and IIFL Securities are the managers to the offer.
Mrs Bectors Food manufactures and markets a range of products such as biscuits, breads and buns. It markets a wide variety of biscuits and breads under the flagship brand 'Mrs Bector's Cremica' and the 'English Oven', respectively.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU