Parag Milk's IPO to open on May 4; to mop-up Rs 750 cr

Dairy firm Parag Milk Foods will hit the capital markets on May 4 to raise an estimated Rs 750 crore through initial public offer (IPO).
The public issue comprises fresh issue of equity shares worth Rs 300 crore and an offer for sale of over 2 crore equity shares.
The proceeds of the issue will be utilised for expansion and modernisation as well as investment in its subsidiary.
The firm had received Sebi's permission for the public offer in December last year.
According to sources, the company's initial share-sale programme will open for subscription on May 4 and close on May 6. It is expected to garner an estimated Rs 750 crore from the IPO including fresh issue.

The issue is being managed by Kotak Mahindra Capital, JM Financial Institutional Securities, IDFC Securities and Motilal Oswal Investment Advisors.
The equity shares offered through the issue are proposed to be listed on BSE and NSE.
Maharashtra-based Parag, which begun its operations in 1992, is now one of the leading manufacturers and marketers of dairy-based branded foods in the country.