Manpasand Beverages allots 56.25 lakh shares to anchor investors

Shares were alloted at the top end of the IPO price band at Rs 320 per share

Manpasand Beverages has allotted 56.25 lakh equity shares to anchor investors aggregating to Rs 180 crore. The shares were alloted to the anchor investors at Rs 320 per share which is the top end of the price band of Rs 290 to Rs 320 of the company's initial public offer (IPO).

Manpasand Beverages' IPO of Rs 400 crore opens for bidding today, 24 June 2015 and closes on 26 June 2015. The price band for the IPO has been set at Rs 290 to Rs 320.

The proceeds of the issue will be used for setting-up of a new manufacturing facility in the state of Haryana; modernization of its existing manufacturing facilities i.e. Vadodara 1 Facility and Varanasi Facility; setting-up of a new corporate office at Vadodara; repayment/prepayment of certain borrowings availed by the company and for general corporate purposes.

Manpasand Beverages reported net profit of Rs 12.64 crore on net sales of Rs 239.10 crore for nine months ended 31 December 2014. The company's business is seasonal in nature, with Q1 and Q4 contributing 60-65% of sales. The company's net profit declined 8.35% to Rs 20.50 crore on 22.5% growth in net sales to Rs 294.31 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).

Manpasand Beverages is a fruit drink manufacturing company with a primary focus on mango fruit. The mango based fruit drink, Mango Sip, is its flagship brand, which is strategically focused towards customers primarily based in semi urban and rural markets.

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