Fruit drinks maker Manpasand Beverages, set to hit the capital markets on June 24, will allocate shares worth Rs 180 crore to anchor investors.
Gujarat-based Manpasand, the eighth company to launch an initial public offering (IPO) this year, has set a price band of Rs 290-320 per share for the issue.
In a statement, the company said that it would allocate shares worth “Rs 180 crore (around 45 per cent of the total IPO size of Rs 400 crore) to anchor investors on Tuesday, June 23.”
As per the draft documents, the company plans to raise up to Rs 400 crore through an initial share plan. The IPO, which opens on June 24, would close on June 26.
The firm would use nearly Rs 153 crore from the IPO proceeds for setting up a new manufacturing facility in Haryana.
In addition, the 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.
Manpasand, the maker of ‘Mango Sip’ and other fruit juice drinks, has manufacturing plants in Vadodara, Dehradun and Varanasi.
The company has allocated 75 per cent of the issue to qualified institutional buyers (QIB), 15 per cent to non-institutional investors and 10 per cent to the retail category.
Kotak Mahindra Capital Company, IIFL Holdings Ltd and ICICI Securities are the book running lead managers to the share sale.
Seven firms -- UFO Moviez India, MEP Infrastructure Developers, Inox Wind, Adlabs Entertainment, Ortel Communications, PNC Infratech and VRL Logistics -- have already tapped the initial share sale route to garner funds so far in 2015.
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