The company’s Rs.760 crore initial public offering (IPO), which was extended by three days, was oversubscribed 1.83 times on the final day of the offer which ended on May 11.
Parag Milk Foods is set to list today. The company’s Rs.760 crore initial public offering (IPO), which was extended by three days, was oversubscribed 1.83 times on the final day of the offer which ended on May 11.
The Public Issue comprised a fresh issue aggregating up to Rs. 3,000 million (“Fresh Issue”) and an offer for sale of up to 20,572,573 Equity Shares. (The “Issue”).The Issue included a reservation of 300,000 Equity Shares for subscription by Eligible Employees. The price band for the Issue was Rs. 215 to Rs. 227 per Equity Share with a Rs. 12 discount for Retail Investors and Eligible Employees.
As per preliminary data available on the stock exchanges, the Public Issue was subscribed to ~1.83 times on an overall basis. The QIB portion was subscribed ~1.15 times; the Non-Institutional portion was subscribed ~3.08 times; the Retail portion was subscribed ~2.12 times; and the Employees portion was subscribed ~1.02 times.
Devendra Shah, Chairman, Parag Milk Foods Ltd., said, “We are happy to announce that the Public Issue process has been successfully completed with oversubscription in all investor categories. The Anchor Book witnessed participation at the upper end of the Price Band – Rs. 227 per Equity Share - from marquee institutional investors. During the extended period up to May 11, 2016, the Public Issue witnessed additional participation from QIBs and investors in other categories who could not invest earlier due to regional holidays in Asia. We welcome new investors to the Parag Milk Foods family.”
The equity shares of face value of Rs. 10 each (the “Equity Shares”) will be listed on BSE Limited and the National Stock Exchange of India Limited (collectively, the “Stock Exchanges”).
On May 3, 2016, the Company had finalized the allocation of 1,51,03,935 equity shares to anchor investors at a price of Rs. 227 per equity share aggregating to Rs. 342.86 crore to anchor investors.
The Public Issue comprised a fresh issue aggregating up to Rs. 3,000 million (“Fresh Issue”) and an offer for sale of up to 20,572,573 Equity Shares. (The “Issue”).The Issue included a reservation of 300,000 Equity Shares for subscription by Eligible Employees. The price band for the Issue was Rs. 215 to Rs. 227 per Equity Share with a Rs. 12 discount for Retail Investors and Eligible Employees.
As per preliminary data available on the stock exchanges, the Public Issue was subscribed to ~1.83 times on an overall basis. The QIB portion was subscribed ~1.15 times; the Non-Institutional portion was subscribed ~3.08 times; the Retail portion was subscribed ~2.12 times; and the Employees portion was subscribed ~1.02 times.
Devendra Shah, Chairman, Parag Milk Foods Ltd., said, “We are happy to announce that the Public Issue process has been successfully completed with oversubscription in all investor categories. The Anchor Book witnessed participation at the upper end of the Price Band – Rs. 227 per Equity Share - from marquee institutional investors. During the extended period up to May 11, 2016, the Public Issue witnessed additional participation from QIBs and investors in other categories who could not invest earlier due to regional holidays in Asia. We welcome new investors to the Parag Milk Foods family.”
The equity shares of face value of Rs. 10 each (the “Equity Shares”) will be listed on BSE Limited and the National Stock Exchange of India Limited (collectively, the “Stock Exchanges”).
On May 3, 2016, the Company had finalized the allocation of 1,51,03,935 equity shares to anchor investors at a price of Rs. 227 per equity share aggregating to Rs. 342.86 crore to anchor investors.
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