Market debutant Prataap Snack had a strong listing, with the stock listing at Rs 1,270 in the opening tick, a gain of over 35 percent.
The company’s Rs 482-crore initial share sale offer has received strong response from investors, oversubscribing 47.03 times on the final day.The initial public offer (IPO) received bids for over 17 crore equity shares against the total issue size of 36,27,518 shares, excluding anchor investors’ portion.
The portion set aside for qualified institutional buyers (QIBs) has oversubscribed 76.88 times while the reserved portion of non institutional investors has seen subscription of 101.15 times and retail investors 7.9 times.Before the issue opened for subscription, Prataap Snacks garnered Rs 143 crore from anchor investors.The IPO, which opened on September 22, comprises a fresh issue of Rs 200 crore and the offer for sale of 30,05,770 equity shares.
Prataap Snacks aims to raise Rs 481.94 crore through the issue, at higher end of price band of Rs 930-938 per share.The company, which makes products under the ‘Yellow Diamond’ brand, will use fresh issue proceeds towards expansion of capacity, marketing and brand building activities, and repayment of debt.
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