Mrs. Bectors IPO Subscribed Nearly Seven Times So Far On Day 2
Biscuits move along a conveyor belt on the production line. (Photographer Vincent Mundy/Bloomberg)

Mrs. Bectors IPO Subscribed Nearly Seven Times So Far On Day 2

Investors piled on to the initial public offering of Mrs. Bectors Food Specialities Ltd., a supplier to McDonald’s to KFC, on the second day of subscription as well.

The maiden offer was subscribed 6.86 times as of 1:36 p.m. on Dec. 16, primarily led by retail investors, according to data compiled from Edelweiss Partners. Interest from high net worth individuals also picked up. The IPO will close on Dec. 17.

Subscription details:

  • Institutional investors: 41%
  • High net worth individuals: 3.49 times
  • Retail investors: 11.98 times
  • Employee: 11.51 times

Also read: Mrs. Bectors IPO: Here’s All You Need To Know

The maiden offer comprises a fresh equity issue worth Rs 40.5 crore and a Rs 500-crore offer-for-sale by Linus Pvt., Mabel Pvt., GW Crown Pte. and GW confectionary Pte. The price band for selling shares has been fixed at Rs 286-288 apiece, according to its red herring prospectus.

The company, according to an exchange filing, has raised Rs 162 crore by allocating 56,25,415 shares to anchor investors, including Goldman Sachs India Ltd., HDFC Life Insurance, Franklin India Smaller Companies Fund and IDFC Emerging Business Fund, among others. A total of seven mutual funds applied through a total of 23 schemes.

Mrs. Bectors plans to use the proceeds to expand its biscuit factory at Rajpura, Punjab.

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