Mrs Bectors Food IPO subscribed 11.4 times on second day

Mrs Bectors Food IPO was subscribed 11.4 times on December 16, the second day of bidding. The IPO has received bids for 15.09 crore equity shares against offer size of more than 1.32 crore equity shares (excluding anchor book), subscription data showed. Portion for retail investors was subscribed 16.36 times and that of employees saw bids 30.45 times the size allocated for them.

Portion allocated for non-institutional investors saw subscription of 8.6 times and that of qualified institutional buyers 4.7 times.

According to reports, the grey market premium for IPO has risen to Rs 220 on December 15, at the end of first day of IPO. This means the share is likely to be listed at around Rs 500 per share.

On the first day, the IPO was subscribed 3.72 times. The issue received bids for 4.92 crore shares, against 1.32 crore shares on offer. The retail segment was subscribed 6.83 times and portion reserved for employees was subscribed 9.5 times. The portion reserved for non-institutional investors saw a subscription of 1.37 times.

The IPO will close on December 17. Price band of the IPO has been fixed at Rs 286-288 per equity share. The firm plans to raise Rs 450-500 crore through the IPO. The company's biscuit products are sold under the flagship brand 'Mrs Bector's Cremica', and the premium bakery products under 'English Oven'.

This is the second IPO in December to receive over-subscription in the first few hours itself after Burger King India. On Monday, Mrs Bectors Food Specialities raised  Rs 162 crore from anchor investors.

Mrs Bectors Food's grey market premium rises to 76%

Face value of the stock is Rs 10 per share each. The proceeds of the IPO will be used to fund brownfield expansion of Rajpura manufacturing unit in Punjab. The minimum bid lot for the IPO is 50 equity shares and multiples of 50 equity shares thereafter.

A retail individual investor can apply for up to 13 lots (650 shares or  Rs 1,87,200).

The IPO will comprise of a fresh issue of equity shares worth Rs 40.54 crore and an offer for sale (OFS) by existing shareholders worth Rs 500 crore. This includes an offer for sale aggregating up to Rs 245 crore by Linus, up to Rs 38.50 crore by Mabel, up to Rs 186 crore by GW Crown PTE. Ltd and up to Rs 30.50 crore by GW Confectionary PTE.