Manpasand Beverages to mop up Rs180 crore from anchor investors
The company plans to raise up to `400 crore through an initial share plan
New Delhi: Fruit drinks maker Manpasand Beverages Ltd, set to hit the capital markets on 24 June, will allocate shares worth ₹ 180 crore to anchor investors.
Gujarat-based Manpasand, the eighth company to launch an initial public offering (IPO) this year, has set a price band of ₹ 290-320 per share for the issue. In a statement, the company said that it would allocate shares worth “ ₹ 180 crore (around 45 per cent of the total IPO size of ₹ 400 crore) to anchor investors on Tuesday, June 23."
As per the draft documents, the company plans to raise up to ₹ 400 crore through an initial share plan. The IPO, which opens on 24 June, would close on 26 June. The firm would use nearly ₹ 153 crore from the IPO proceeds for setting up a new manufacturing facility in Haryana.
In addition, the funds would be utilized to set up a corporate office at Vadodara, modernisation of existing facilities in Vadodara and Varanasi, repayment of loans and other general corporate purposes. Manpasand, the maker of ‘Mango Sip’ and other fruit juice drinks, has manufacturing plants in Vadodara, Dehradun and Varanasi.
The company has allocated 75% of the issue to qualified institutional buyers (QIB), 15% to non-institutional investors and 10% to the retail category. Kotak Mahindra Capital Company, IIFL Holdings Ltd and ICICI Securities are the book running lead managers to the share sale.
Seven firms—UFO Moviez India, MEP Infrastructure Developers, Inox Wind, Adlabs Entertainment, Ortel Communications, PNC Infratech and VRL Logistics—have already tapped the initial share sale route to garner funds so far in 2015.
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