Mrs Bectors IPO off to flying start; subscribed 1.57 times in few hours

The initial public offer was subscribed 1.57 times within the first few hours of opening of bidding

The initial public offer of Mrs Bectors Food Specialities was subscribed 1.57 times within the first few hours of opening of bidding on Tuesday.

This is the second initial public offer this month to have received over subscription in the first few hours itself after Burger King India.

The initial public offer (IPO) received bids for 2,08,27,550 shares, against 1,32,36,211 shares on offer, according to data available with the NSE.

The offer comprises a fresh issue of Rs 40.54 crore and an offer-for-sale of up to Rs 500 crore.

Price range for the IPO, which would close for subscription on Thursday, has been fixed at Rs 286-288 per share.

Mrs Bectors Food Specialities on Monday 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.