The IPO of Prabhat Dairy was extended by three days as the issue failed to get fully subscribed on Tuesday — the final day of offering.
The issue will now close on September 4 and the price band has been revised to R115-126 — from R140-147. The total issue size has been revised to R485.22 crore from R516 crore. However, the size of fresh issue — R300 crore — has not been changed.
The issue was subscribed 0.28 times at 5 pm IST, stock exchange data showed. The non-institutional category comprising high HNIs gave it a miss. The HNI book was subscribed less than 0.01 times. HNIs bid about 6,120 shares against 54.61 lakh reserved.
Qualified institutional buyers bid for 67.85 lakh shares against 182.061 lakh reserved. Retail investors, whose investment should not exceed a total R2 lakh as per Sebi rules bid for 32.93 lakh shares against 1.27 crore on offer.
The retail book was subscribed 0.26 times.
The company plans to use R185 crore out of the IPO proceeds to repay existing debts.
Incorporated in 1998 as a liquid milk marketing company, Prabhat has graduated into a full-fledged dairy company.
The company has two production facilities in Maharashtra, at Shrirampur and Navi Mumbai, with a total milk processing capacity of 1.5 million litre and caters to customers in Maharashtra, Gujarat and Madhya Pradesh.
Sadbhav subscribed 0.2 times on day 2
Sadbhav Infrastructure’s public offering was subscribed 0.2 times on day two of the three-day IPO, stock exchanges data showed on Tuesday.
HNIs subscribed 31.57 lakh shares against 69.71 lakh reserved for the category whereas qualified institutional buyers bid for 9.71 lakh shares against 1.44 crore reserved for them.
On Friday, the company had raised R210 crore in a pre-IPO placement to anchor investors.
It issued a little more than 2 crore shares to anchor investors, including Nomura, Morgan Stanley,HDFC Mutual Fund, Tata Mutual Fund, Amansa and Tata AIA Life.
The company plans to raise R425 crore through a fresh issue of equity shares and an offer for sale of up to 32.36 lakh equity shares by existing investors, including the anchor investor portion.
The price band has been fixed at R100-103.
The IPO proceeds will be utilised for repayment of loans, equity investment and advancing of subordinate debt to its subsidiary Shreenathji Udaipur Tollway (SUTPL) and part-financing of the SUTPL project.