Manpasand IPO subscribed 36% on second day

Fruit drinks maker Manpasand Beverages' initial public offering (IPO) was subscribed 36 per cent on the second day of the issue today.
The public issue received bids for 27,17,910 shares compared to the total issue size of 75,86,207 shares, according to data available with NSE till 1700 hours.
The portion reserved for qualified institutional buyers (QIBs) was subscribed 45 per cent while that of non-institutional investors saw a 5 per cent subscription.
The retail investor category was subscribed 56 per cent, NSE data showed.
The Gujarat-based Manpasand, the eighth company to launch an IPO this year, has set a price band of Rs 290-320 for the issue. The IPO, which opened yesterday, will close tomorrow.

Manpasand Beverages has allotted 56.25 lakh shares worth Rs 180 crore to anchor investors. According to the draft document, the company plans to raise up to Rs 400 crore through the initial share sale.

The firm will use nearly Rs 153 crore of the IPO proceeds to set up a new manufacturing facility in Haryana.
In addition, the funds will be utilised to set up a corporate office at Vadodara and for modernisation of existing facilities in Vadodara and Varanasi, repayment of loans and other general corporate purposes.
The company has allocated 75 per cent of the issue to qualified institutional buyers (QIBs), 15 per cent to non-institutional investors and 10 per cent to retail category.

Kotak Mahindra Capital Company, IIFL Holdings and ICICI Securities are the book running lead managers to the share sale.
Manpasand, the maker of 'Mango Sip' and other fruit drinks, has manufacturing plants in Vadodara, Dehradun and Varanasi.