Soft drink maker, Manpasand Beverages has fixed the price band at Rs 290-320 per share for its Rs 400-crore initial public offering (IPO). The issue will open on June 24 and close on June 26, the company said in a statement.
The company has not fixed the issue size and will off-load shares after fixing the issue price. A back of the envelope calculation indicates the company will sell close to 1.38 crore shares at the lower price band and 1.25 crore shares at the higher price band.
Manpasand aims to use R153.23 crore from the IPO proceeds for setting up of a new manufacturing facility in Haryana. Besides, funds would be utilised to set up a corporate office at Vadodara, modernisation of existing facilities in Vadodara and Varanasi, repayment of loans and other general corporate purposes, the company said today. Manpasand, the maker of ‘Mango Sip’ and other fruit juice drinks, has manufacturing plants in Vadodara, Dehradun and Varanasi.
Kotak Investment Banking, IIFL Holdings and ICICI Securities are the financial advisors to the share sale of Manpasand.
This is the eight IPO of calendar 2015. Seven firms – UFO Moviez India, MEP Infrastructure Developers, Inox Wind, Adlabs Entertainment, Ortel Communications, PNC Infratech and VRL Logistics – have raised a total of R3,449.1 crore so far this year, data from Prime Database showed.
* The soft drink maker has fixed the price band for the offer at R290-320 per share
* The company has not fixed the issue size and will off-load shares after fixing the issue price
* Kotak Investment Banking, IIFL Holdings and ICICI Securities are financial advisors to the share sale
* Company aims to use R153.23 crore from the IPO proceeds for setting up manufacturing facility in Haryana