Mrs Bectors Food IPO subscribed 3.72 times on first day of bidding

Mrs Bectors Food Specialities’ Rs 540-crore initial public offering (IPO) was subscribed 3.72x on Tuesday — the first day of the issue. The institutional investor portion was subscribed 0.02x, the wealthy investor portion 1.3x, the retail investor portion 6.8x and that reserved for employees 9.5x.

The company on Monday had allotted shares worth Rs 162 crore to anchor investors. The anchor investors include Goldman Sachs India, SBI Mutual Fund, and Bajaj Allianz Life Insurance.

Mrs Bectors have priced their IPO between Rs 286 and Rs 288 per share. The issue comprises Rs 40 crore of fresh fundraising and Rs 500 crore of a secondary share sale by four existing shareholders.

At the top end, the company will have a market capitalisation of nearly Rs 1,700 crore on a post-diluted basis.