Parag Milk IPO subscribed 10% on Day 1

The Rs 760-crore IPO of dairy firm Parag Milk Foods was subscribed 10 per cent on the first day of the issue today.
The offer received bids for 19,71,385 shares against the total issue size of 1,91,85,714 shares, data available with the NSE till 1700 hrs showed.
The issue closes on May 6.
Parag Milk is looking to raise around Rs 760 crore through the IPO, whose price band has been fixed at Rs 220-227 per share.
The category reserved for qualified institutional buyers (QIBs) was subscribed 13 per cent, non institutional investors 3 per cent and retail investors 15 per cent.

Parag Milk has already got commitments for shares worth Rs 343 crore from anchor investors.

This is the third initial public offer in less than a week to hit the market after Thyrocare Technologies and Ujjivan Financial Services.
The offer comprises fresh issue of equity shares worth Rs 300 crore and an offer for sale of over 2 crore equity shares.
The proceeds would be utilised towards expansion and modernisation as well as investment in its subsidiary.
Kotak Mahindra Capital Company Ltd, JM Financial Institutional Securities Ltd, IDFC Securities Ltd and Motilal Oswal Investment Advisors Private Ltd are the book running lead managers for the offer.

Shares of Parag Milk are proposed to be listed on BSE and NSE.
Maharashtra-based Parag Milk, which began its operations in 1992, is now one of the leading manufacturers and marketers of dairy-based branded foods in the country.