Manpasand Beverages rebounds from intra-day low

The stock moved higher to Rs 342, bouncing back 20% from intra-day low of Rs 286 on the NSE.

Shares of Manpasand Beverages have moved higher to Rs 342, bouncing back 20% from intra-day low of Rs 286 on the National Stock Exchange (NSE).

The stock listed at Rs 300, a discount of 6% to its issue price of Rs 320 a share on the NSE today.

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.

At 1335 hours, it was trading at Rs 331 on the NSE with a combined 5.25 million shares changed hands on the counter on the NSE and BSE.