Business

Mrs Bectors Food Specialities raises Rs 162 crore from anchor investors ahead of IPO

Updated : December 15, 2020 11:30 AM IST

HDFC Life Insurance Company, Goldman Sachs India, Franklin India Smaller Companies Fund and SBI Debt Hybrid Fund are among the anchor investors.

The premium biscuits and bakery products maker Mrs. Bectors Food Specialities raised Rs 162 crore from anchor investors ahead of its initial public offer opening on Tuesday.

HDFC Life Insurance Company, Goldman Sachs India, Franklin India Smaller Companies Fund and SBI Debt Hybrid Fund are among the anchor investors.

The company decided to allot more than 56.25 lakh shares at a price of Rs 288 apiece, the upper end of the IPO price band, to the anchor investors, and raised little over Rs 162.01 crore, the company said on Monday.

There are a total of seven mutual funds among the anchor investors and those have applied through 23 schemes, as per the company filing.

The Rs 540.54 crore-IPO of the bread and biscuit maker opens for subscription on December 15 at a price band of Rs 286-288 per share.

Read here: Mrs. Bectors Food Specialities IPO opens today; key things to know

The IPO comprises of a fresh issue of equity shares worth Rs 40.54 crore and an offer for sale (OFS) worth Rs 500 crore by existing shareholders Linus Pvt Ltd, GW Confectionary PTE. Ltd., GW Crown PTE. Ltd and Mabel Pvt Ltd.

The lot size of the issue is 50 shares. A retail-individual investor can apply for up to 13 lots (650 shares or Rs 187,200).

Read here: Mrs Bectors Food IPO opens today: Should you subscribe?

The portion reserved for retail investors is 35 percent, qualified institutional buyers is 50 percent and that for non-institutional buyers is 15 percent.

The proceeds from the fresh issue will be used for financing the project cost towards the expansion of Rajpura facility by establishing a new production line for biscuits.

SBI Capital Markets, ICICI Securities and IIFL Securities are the Book Running Lead Managers to the Offer.

Mrs Bectors Food Specialities raises Rs 162 crore from anchor investors ahead of IPO

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