After Burger King India, Mrs Bectors Food Specialities becomes another Initial Public Offer (IPO) this month to have received over subscription in a few hours of opening for public subscription.
The initial share sale of Mrs Bectors Food Specialities got oversubscribed within a few hours of opening for subscription on Tuesday also the first day and ended with 3.72 times subscription.
According to data available with the NSE, Mrs Bectors Food’s IPO received bids for 4,92,53,700 shares against 1,32,36,211 shares on offer.
The Qualified Institutional Buyers (QIBs) category was subscribed 2%, while that of non-institutional investors and retail investors got subscribed 1.37 times and 6.83 times, respectively.
The offer comprises a fresh issue of Rs 40.54 crore and an offer for sale of up to Rs 500 crore.
The price band for the share sale, which would close for subscription on Thursday, has been fixed at Rs 286-288 apiece.
On Monday, Mrs Bectors Food raised Rs 162 crore from anchor investors. SBI Capital Markets, ICICI Securities and IIFL Securities are the managers to the offer.
Mrs Bectors Food manufactures a range of products such as biscuits, breads and buns. It markets a wide variety of biscuits and breads under the flagship brand ‘Mrs Bector’s Cremica’ and the ‘English Oven’, respectively.