Parag Milk IPO oversubscribed 1.83 times on last day

Parag Milk Foods' initial public offering, which was extended by three days, got oversubscribed 1.83 times, with qualified institutional investors quota receiving full subscription on the final day of the offer today.
The Rs 760-crore IPO, which had opened for subscription on Wednesday, received bids for 3,56,91,955 shares against the total issue size of 1,95,06,590 shares, as per data available with the NSE till 1800 hrs.
The qualified institutional buyers (QIB) portion was oversubscribed 1.15 times, while non-institutional category was also oversubscribed 3.08 times, according to a company release.
Retail portion was oversubscribed 2.12 times.
The issue was fully subscribed at the upper end of the price band - Rs 227 per share, it said.

"We are happy to announce that the public issue process has been successfully completed with over subscription in all investor categories. During the extended period up to May 11, the public issue witnessed additional participation from QIBs and investors in other categories who could not invest earlier due to regional holidays in Asia," said Devendra Shah, Chairman, Parag Milk Foods.

Parag Milk Foods on Friday extended its IPO for further three days till today and revised its price band to Rs 215-227 per share.
The offer was earlier scheduled to close on Friday while the price band was previously fixed at Rs 220-227.

The offer comprises fresh issue of shares worth Rs 300 crore and an offer for sale of over 2 crore shares.
The company has already finalised allocation of 1,51,03,935 shares to anchor investors at a price of Rs 227 a share aggregating Rs 342.86 crore to anchor investors.
The book running lead managers to the issue are Kotak Mahindra Capital Company, JM Financial Institutional Securities, IDFC Securities and Motilal Oswal Investment Advisors Private.
The equity shares will be listed on BSE and NSE.
Maharashtra-based Parag Milk, which began operations in 1992, is now one of the leading manufacturers and marketers of dairy-based branded foods in the country.