Mrs Bector Food Specialities’ Rs 540-crore initial public offering (IPO) was subscribed 11.4x on Wednesday, the second day of the issue.
The portion reserved for employees was subscribed the most (30x); the retail investors’ portion was subscribed 16.4x, the wealthy investor portion 8.6x, and the institutional investor portion 4.7x.The firm on Monday had allotted shares worth Rs 162 crore to anchor investors. The anchor investors include Goldman Sachs India, SBI Mutual Fund, and Bajaj Allianz Life Insurance.
Mrs Bector have priced their public offering between Rs 286 and Rs 288 per share. The issue comprises Rs 40 crore of fresh capital raise and Rs 500 crore of a secondary share sale by four existing shareholders.
At the top end, the company will have a market capitalisation of nearly Rs 1,700 crore on a post-diluted basis. Mrs Bector will use the issue proceeds for setting up of a new production line for biscuits.