Prabhat Dairy IPO subscribed 15 pc on first day

The initial public offering (IPO) of Prabhat Dairy was subscribed 15 per cent on the first day of subscription today.
The IPO received bids for over 54.45 lakh shares against 3.64 crore equity scrips on offer, according to data available with the National Stock Exchange (NSE) till 1700 hrs.
The bidding for the IPO would conclude on September 1. The price band for the issue has been fixed at Rs 140-147 per share.
The IPO comprises fresh issue of shares worth Rs 300 crore and an offer for sale of up to 1,47,06,000 equity shares by existing shareholders.
At the upper end of the price band, the milk and dairy products firm would raise Rs 535 crore, while at the lower end it would garner about Rs 510 crore.

The proceeds from the fresh issue would be utilised for payment of loans, capital expenditure and general corporate purpose.
The issue is being managed by Edelweiss Financial Services, Macquarie Capital Securities (India) Pvt Ltd and SBI Capital Markets.
The equity shares are proposed would be listed on BSE and NSE.