Varun Beverages IPO Oversubscribed Nearly 2 Times On Last Day
Varun Beverages IPO oversubscribed on the closing day of the offer.
The initial public offer of Varun Beverages, PepsiCo's largest franchise bottler, was oversubscribed nearly 2 times on the last day of offer on Friday.
The IPO received bids for 3,27,48,243 shares against the total issue size of 1,76,50,000 shares, translating into an oversubscription of 1.86 times, as per NSE's data till 6:45 pm.
The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 4.94 times, while that of non-institutional investors 42 percent, sources said. Retail investors quota was subscribed 79 percent.
Varun Beverages has raised over Rs 327 crore by allotting shares to anchor investors.
The initial public offer of Varun Beverages, that entails sales of up to 2.5 crore shares, will close on Friday.
The company has fixed the price band at Rs 440-445 per share. At the upper end, the company would raise Rs 1,112.50 crore through the offer.
Proceeds of the issue would be utilised for capital expenditure, repayment of loans and other general corporate purposes.
The issue is being managed by Kotak Mahindra Capital Company, Axis Capital, CLSA India and YES Securities (India) Ltd.