Mrs Bectors Food IPO off to flying start; subscribed 3.72 times on Day 1

Eliciting robust response from investors, the initial share sale of Mrs Bectors got oversubscribed within a few hours of opening for subscription Tuesday and ended the day with 3.72 times subscription

Eliciting robust response from investors, the initial share sale of Mrs Bectors Food Specialities got oversubscribed within a few hours of opening for subscription on Tuesday and ended the day with 3.72 times subscription.

After Burger King India, this is the second Initial Public Offer (IPO) this month to have received over subscription in a few hours of opening for public subscription.

Mrs Bectors Food's IPO received bids for 4,92,53,700 shares as against 1,32,36,211 shares on offer, according to data available with the NSE.

The Qualified Institutional Buyers (QIBs) category was subscribed 2 per cent, 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 and markets 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.