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Mrs Bectors Food IPO sees third-highest subscription ever, gets bids 198 times the issue size

Mrs Bectors Food IPO received bids for 262.10 crore equity shares against offer size of more than 1.32 crore equity shares (excluding anchor book), subscription data showed

twitter-logoBusinessToday.In | December 17, 2020 | Updated 19:25 IST
Mrs Bectors Food IPO sees third-highest subscription ever, receives bids 198 times the issue size
Mrs Bectors Food IPO: Portion for retail investors was subscribed 29.3 times and that of employees saw bids 45.45 times the size allocated for them.

Mrs Bectors Food IPO was subscribed 198.02 times on December 17, the final day of bidding. The IPO received bids for 262.10 crore equity shares against offer size of more than 1.32 crore equity shares (excluding anchor book), subscription data showed.

Portion for retail investors was subscribed 29.3 times and that of employees saw bids 45.45 times the size allocated for them.

Portion allocated for non-institutional investors saw subscription of 620.85 times and that of qualified institutional buyers 176.85 times.

Interestingly, Bectors Food IPO has received the third highest subscription ever. 

In March 2000, Sankhya Infotech IPO was subscribed 283 times the issue size. This is the highest subscribed IPO in India.

In July 2017, IPO of Salasar Techno Engineering saw subscription of 273.05 times for its Rs 36 crore sharesale.

Mrs Bectors Food IPO subscribed 11.4 times on second day

According to reports, the grey market premium for IPO has risen to Rs 220 on December 15, at the end of first day of IPO. This means the share is likely to be listed at around Rs 500 per share.

On the second day of IPO, the issue was subscribed 11.4 times on December 16. The IPO received bids for 15.09 crore equity shares against offer size of more than 1.32 crore equity shares (excluding anchor book), subscription data showed.

On first day, the IPO was subscribed 3.72 times. The issue received bids for 4.92 crore shares, against 1.32 crore shares on offer.

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The retail segment was subscribed 6.83 times and portion reserved for employees was subscribed 9.5 times. The portion reserved for non-institutional investors saw a subscription of 1.37 times.

Price band of the IPO was fixed at Rs 286-288 per equity share.

The firm plans to raise Rs 450-500 crore through the IPO. The company's biscuit products are sold under the flagship brand 'Mrs Bector's Cremica', and the premium bakery products under 'English Oven'.

This is the second IPO in December to receive over-subscription in the first few hours itself after Burger King India.

On Monday, Mrs Bectors Food Specialities raised  Rs 162 crore from anchor investors. The firm plans to raise Rs 450-500 crore through the IPO. Price band for the IPO has been fixed at Rs 286-288 per equity share.

Face value of the stock is Rs 10 per share each. The proceeds of the IPO will be used to fund brownfield expansion of Rajpura manufacturing unit in Punjab.

The minimum bid lot for the IPO is 50 equity shares and multiples of 50 equity shares thereafter. A retail-individual investor can apply for up to 13 lots (650 shares or  Rs 1,87,200).

The IPO will comprise of a fresh issue of equity shares worth Rs 40.54 crore and an offer for sale (OFS) by existing shareholders worth Rs 500 crore. This includes an offer for sale aggregating up to Rs 245 crore by Linus, up to Rs 38.50 crore by Mabel, up to Rs 186 crore by GW Crown PTE. Ltd and up to Rs 30.50 crore by GW Confectionary PTE.

By Aseem Thapliyal

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