BackBurger King supplier Mrs Bectors Food's IPO to open on December 15
Price band of Mrs Bectors Food IPO has been fixed at ₹286 to ₹288 per share. Bids can be made for a minimum of 50 equity shares
PremiumThe IPO of biscuit maker Mrs Bectors Food Specialities will open on December 15 and close of December 17. Price band of the ₹540 crore IPO has been fixed at ₹286 to ₹288 per share. Bids can be made for a minimum of 50 equity shares and in multiples of 50 equity share thereafter.
Mrs Bectors Food manufactures and markets a range of products such as biscuits, breads and buns. It markets a wide variety of biscuits and bread under the flagship brand "Mrs Bector's Cremica" and the "English Oven" respectively.
Mrs Bectors Food also supplies buns to various international QSR chains in India, such as Burger King India Private Limited, Connaught Plaza Restaurants Private Limited, Hardcastle Restaurants Private Limited, and Yum! Restaurants (India) Private Limited.
The issue comprises fresh issue of such equity shares as aggregating up to ₹40.54 crore and an offer for sale of aggregating up to ₹500 crore.
A discount of ₹15 per equity share shall be offered to eligible employees bidding in the employee reservation portion.
SBI Capital Markets Limited, ICICI Securities Limited and IIFL Securities Limited are the Book Running Lead Managers to the offer.
The IPO comprises fresh issuance of shares worth ₹50 crore and offer for sale to the tune of ₹500 crore by existing shareholders, according to the draft red herring prospectus (DRHP) filed with Sebi.
The equity shares will be listed on BSE and NSE. Link Intime India Pvt Ltd is the registrar of the IPO.
"However, we do not have any long term supply agreements with any of our QSR customers. The supply of our products to such QSR customers is typically contingent on demand arising on a day to day basis which is subject to fluctuation," the red herring prospectus said.
Burger King India's initial public offering, which closed earlier this month for subscription, drew bids of more than 150 times the shares on offer, signalling investors were upbeat about the country's food service sector despite a slowdown inflicted by the COVID-19 pandemic.
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