Manpasand Beverages lists below issue price

The stock was listed at Rs 300, which is 6% below its issue price of Rs 320 a share on the National Stock Exchange.

Shares of Manpasand Beverages were listed at Rs 300, a discount of 6% to its issue price of Rs 320 a share on the National Stock Exchange (NSE).

At 1002 hours, the stock was trading at Rs 303 on the NSE. It has touched a high of Rs 318 and low of Rs 286 so far.

On the Bombay Stock Exchange (BSE), the stock opened at Rs 291, which is 9% below its issue price. It has touched a high of Rs 319 and a low of Rs 286 thus far.

Manpasand Beverages, a Gujarat-based fruit drink manufacturing company thast primarily focusses on mango fruit, had raised Rs 400 crore by issuing 12.5 million shares through initial public offer (IPO). The issue price was fixed at the higher end of the price band of Rs 290-320 a share.

The company will use issue proceeds for setting up new manufacturing facility in Haryana, modernisation of existing Vadodara & Varanasi plants, new corporate office in Vadodara, repayment/pre-payment of certain borrowings and general corporate puposes.

The company’s mango based fruit drink, 'Mango Sip', is the flagship brand, which is strategically focused on customers primarily based in semi-urban and rural markets.