Prataap Snacks Raises Rs 143.4 Crore From Anchor Investors
Prataap Snacks allotted shares to 15 anchor investors at Rs 938 apiece.
Prataap Snacks Ltd., the maker of Yellow Diamond chips raised Rs 143.4 crore from anchor investors ahead of its initial public offering which opens Friday.
The company allocated 15.28 lakh shares to 15 anchor investors, according to a media statement. Shares were allotted at the upper end of the IPO of Rs 938 apiece.
Small Cap World Fund Inc, Goldman Sachs India and Fidelity fund took more than one-third of the anchor portion. Other investors included HDFC Trustee Company Ltd, ICICI Prudential Value Fund, Birla Sun Life Trustee Company Pvt Ltd, DSP BlackRock Equity Savings Fund, IDFC Equity Fund among others.
Before an IPO opens, shares are given to anchor investors, usually large foreign and domestic funds, to show backing by institutional investors.
Prataap Snacks is one of the top six snack makers by revenue, and sells them under the Yellow Diamond brand. The potato chips maker is looking to raise Rs 480 crore through the public issue, of which Rs 200 crore will be a fresh equity issue while the rest will be an offer for sale by promoter Sequoia Capital.
The proceeds of the offer will be used to repay debt, and for marketing and brand building, according to its draft prospectus.