The initial public offer of fruit drinks maker Manpasand Beverages was over-subscribed 1.40 times on the final day of the issue today.
The public issue received bids for 1,05,99,255 shares compared with the total issue size of 75,86,207 shares, according to NSE data till 1900 hours.
The portion reserved for qualified institutional buyers (QIBs) was over-subscribed 1.98 times while that of non-institutional investors saw 38 per cent subscription, merchant bankers said.
The retail investor category was subscribed 1.16 times.
The Gujarat-based Manpasand, the eighth company to launch an IPO this year, had set a price band of Rs 290-320 for the issue. The IPO had opened for subscription on Wednesday.
Manpasand Beverages has allotted 56.25 lakh shares worth Rs 180 crore to anchor investors. According to the draft document, the company plans to raise up to Rs 400 crore through the initial share sale.
The firm will use nearly Rs 153 crore of the IPO proceeds to set up a new manufacturing facility in Haryana.
In addition, the funds will be utilised to set up a corporate office in Vadodara and for modernisation of existing facilities in Vadodara and Varanasi, repayment of loans and other general corporate purposes.
The company has allocated 75 per cent of the issue to qualified institutional buyers (QIBs), 15 per cent to non-institutional investors and 10 per cent to the retail category.
Kotak Mahindra Capital Company, IIFL Holdings and ICICI Securities are the book running lead managers to the share sale.
Manpasand, the maker of 'Mango Sip' and other fruit drinks, has manufacturing plants in Vadodara, Dehradun and Varanasi.
