 "Prataap Snacks' Rs 482-cr IPO oversubscribed 47 times on last day of offer")
The Rs 482-crore initial public offer (IPO) of Prataap Snacks generated 47.3 times more demand on the last day of the offer on Tuesday.
The institutional investor portion of the IPO was subscribed 78 times; high net worth individual (HNI) portion was subscribed 101.5 times and the retail portion was subscribed close to eight times.
The huge demand in the IPO was despite weakness in the secondary market and concerns surrounding the pricing of the issue.
The price band for the IPO was fixed between Rs 930 and Rs 938 per share, over 200 times its earnings per share (EPS) of Rs 4 for the year 2016-17.
The company had reported a profit of Rs 10 crore on sales, standing at Rs 904 crore, for the year-end in 2016-17.
Prataap Snacks, which sells products under the 'Yellow Diamond' brand name, is one of the leading snack food company in the country. At the top-end of the price band, Prataap Snacks will have a market cap of Rs 2,200 crore.
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