Coffee Day IPO subscribed totally subscribed

The Rs.1,150 crore Coffee Day Enterprises Limited (CDEL) IPO, India's largest since the Rs.4,500 crore Bharti Infratel Ltd issue in December 2012, has been totally subscribed before the end of the issue on Friday, sources said.

The issue was subscribed 1.54 times by 2.55 p.m. itself, sources said.

According to the information available on bourses BSE and NSE at that time, Qualified Institutional Buyers (QIB) bought the issue 4.05 times while High Networth Individual (HNI) and retail investors accounted for 18 percent and 66 percent of the subscription, sources added.

The company offered equity shares of the face value of Rs.10 each for cash with the share premium aggregating up to Rs.1,150 crore.

The price band for the issue was fixed at Rs.316-Rs.328 a share.

CDEL allotted 1.03 crore equity share aggregating to Rs.334 crore for 17 anchor investors.

CDEL operates the largest domestic coffee chain in India under the brand name Cafe Coffee Day, with 1,538 outlets in 219 cities.

The IPO is being handled by Yes Bank, Edelweiss, Axis Capital, Morgan Stanley, Citigroup and Kotak Investment Banking.

The proceeds from the issue will fund Cafe Coffee Day outlet expansion, repay and prepay loans of the parent company CDEL and subsidiaries and meet general corporate needs.