Varun Beverages IPO oversubscribed nearly 2 times on last day

The IPO of Varun Beverages, PepsiCo's largest franchise bottler, was oversubscribed nearly 2 times on the last day of offer today.
The IPO received bids for 3,27,48,243 shares against the total issue size of 1,76,50,000 shares, translating into an oversubscription of 1.86 times, as per NSE's data till 1845 hrs.
The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 4.94 times, while that of non- institutional investors 42 per cent, sources said.
Retail investors quota was subscribed 79 per cent.
Varun Beverages has raised over Rs 327 crore by allotting shares to anchor investors.
The initial public offer of Varun Beverages, that entails sales of up to 2.5 crore shares, will close today.

The company has fixed the price band at Rs 440-445 per share. At the upper end, the company would raise Rs 1,112.50 crore through the offer.
Proceeds of the issue would be utilised for capital expenditure, repayment of loans and other general corporate purposes.
The issue is being managed by Kotak Mahindra Capital Company, Axis Capital, CLSA India and YES Securities (India) Ltd.