Investors who had picked up shares of Mrs Bectors Food Specialities at its initial public offering (IPO) on Thursday saw the value of their holdings double as it made a strong debut on the bourses. The scrip settled at Rs 595.55, a gain of nearly 107 per cent to its issue price of Rs 288 per share.
On the BSE, the share listed at Rs 501, a gain of almost 74 per cent to its issue price.
The counter built upon these gains to touch an intra-day high of Rs 601.20 and later ended at Rs 595.55, which was higher by Rs 307.55 to the issue price of Rs 288. Compared with the opening price, its close represented a gain of almost 19 per cent. On the first day, the scrip had a market cap of Rs 3,498.65 crore on the BSE.
On the NSE, the scrip settled at Rs 592.50, rising over 105 per cent over the issue price. Close to 3,70,66,792 shares were transacted at the exchange, resulting in a traded value of Rs 2,126.93 crore.
The IPO of the biscuits and bakery player was subscribed by a huge 198 times as it received bids for 262 crore shares against 1.3 crore shares on offer. The price band for the offering was Rs 286-288 apiece and the float comprised a fresh issue of Rs 40.54 crore and an offer-for-sale of up to Rs 500 crore.
On its last day of subscription, bids from high net worth individuals were over 652 times, while it was 178 times in the case of qualified institutional buyers and over 29.50 times from retail investors.
Anupam Rasayan
Specialty chemical company Anupam Rasayan has filed preliminary papers with market regulator Sebi to raise Rs 760 crore through an initial public offering.
The Surat-based company has decided to reserve a portion for its employees and may consider a discount for eligible staff.
Anupam Rasayan commenced operations in 1984 with conventional products and now it makes speciality chemicals that involve multi-step synthesis and complex chemistries
Proceeds of the issue would be used mainly for repayment of debt, the company said in the draft red herring prospectus (DRHP).
The company is present in the premium and mid-premium biscuits segment and the premium bakery segment. It manufactures and markets a range of its biscuits such as cookies, creams, crackers, digestives and glucose under its flagship brand ‘Mrs. Bector’s Cremica’. It also makes bakery products that include breads, buns, pizza bases and cakes under its brand ‘English Oven.
It is also the largest supplier of buns in India to QSR chains like Burger King, McDonald’s, and KFC. It also sells a variety of its bakery and frozen products to cloud kitchens. Further, the company is also one of the leading exporters of biscuits from India, and exports biscuits under its own brand, as well as under third party private labels to more than 64 countries.
