Ms. Bectors Food IPO fully subscribed in just 2 hours: 7 things to know – business news

Mrs Bectors Food Specialties Ltd opened its three-day 541-crore initial public offering (IPO) on Tuesday to strong demand and it was too subscribed in just two hours. By 12:30 pm, the IPO had been subscribed 1.57 times and the retail segment had subscribed nearly three times. The initial share sale for public subscription will end on December 17th. Ms. Bectors Food, who submitted previous articles for IPO in October 2020, took over as head of Securities and Exchange Board of India (Sebi) in November.

Mrs Bectors Food’s IPO, a supplier of buns to fast food service restaurants (QSR) chains such as McDonald’s, KFC, Burger King and Carl’s Jr among others, follows a stellar response to Burger King IPO whose shares doubled on the day of their listing on Monday.

Here are 7 things to know about Ms. Bectors ’Food IPO:

1. The price in the IPO of Ms. Bectors Food was set at ₹ 286-288 per share of par value of ₹ 10 each, the company said in a statement.

2. The minimum bid lot is 50 shares and multiples of 50 shares.

3. The IPO consists of a recent issue of shares with a value of Rs 40.54 crore and to be sold at the margin of Rs 500 crore by existing shareholders by which the company aims to achieve the advantage listed on the stock exchanges.

4. Completion of the donation base will take place before December 22 and repayments / unblocking of ASBA fund will take place before December 23, according to the IPO indicative timeline on Ms. Bector Food, according to brokers. The credit of stock shares to a DP account is likely to take place before December 24th and the listing will be done before December 28th.

5. The money obtained through the IPO will be used for expansion of the company’s Rajpura factory unit and establishing a new product line.

6. Because the promoter sells no shares, they will continue to own more than 51% of the shareholding after the IPO. After the IPO, the shareholding of promoters will fall to 51.13%, from 52.39%.

7. SBI Capital Markets, Securities ICICI and Securities IIFL will manage Ms. Bectors Food’s initial public offering (IPO). The stock shares will be listed at BSE and NSE. Linus Private Limited, Mabel Private Limited, GW Confectionery Pte Ltd and GW Crown Pte Ltd will offer shares in the initial share sale.

(With agency inputs)

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