Manpasand IPO subscribed 36% on second day
Fruit drinks maker <g data-gr-id="18">Manpasand</g> Beverages’ initial public offering (IPO) was subscribed 36 <g data-gr-id="33">per cent</g> on the second day of the issue on Thursday. The public issue received bids for 27,17,910 shares compared to the total issue size of 75,86,207 shares, according to data available with NSE till 1700 hours.
The portion reserved for qualified institutional buyers (QIBs) was subscribed 45 per cent while that of non-institutional investors saw a 5 per cent subscription. The retail investor category was subscribed 56 <g data-gr-id="23">per cent</g>, NSE data showed. The Gujarat-based <g data-gr-id="24">Manpasand</g>, the eighth company to launch an IPO this year, has set a price band of Rs 290-320 for the issue. The IPO, which opened on Wednesday, will close on Friday. <g data-gr-id="25">Manpasand</g> Beverages has allotted 56.25 lakh shares worth Rs 180 crore to anchor investors. According to the draft document, the company plans to raise up to Rs 400 crore through the initial share sale.
The firm will use nearly Rs 153 crore of the IPO proceeds to set up a new manufacturing facility in Haryana. In addition, the funds will be utilised to set up a corporate office at Vadodara and for <g data-gr-id="20">modernisation</g> of existing facilities in Vadodara and Varanasi, repayment of loans and other general corporate purposes. The company has allocated 75 <g data-gr-id="21">per cent</g> of the issue to qualified institutional buyers (QIBs), 15 <g data-gr-id="22">per cent</g> to non-institutional investors and 10 per cent to <g data-gr-id="27">retail</g> category.