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Prataap Snacks IPO subscribed 1.08 times on second day

LiveMint logoLiveMint 25-09-2017 PTI

New Delhi: Prataap Snacks Ltd’s initial public offering (IPO) was oversubscribed 1.08 times so far on the second day of bidding on Monday.

At 2.45pm, the initial share sale offer received bids for 39,14,325 shares against the total issue size of 36,27,518, NSE data showed.

Prataap Snacks last week garnered a little over Rs143 crore from anchor investors. The company’s Rs482-crore issue size includes Rs200 crore through fresh equity issue and the rest from sale of 30,05,770 shares.

The issue, with a price band of Rs 930-938 per share, will close for subscription on 26 September.

The company, which makes products under the ‘Yellow Diamond’ brand, aims to use the proceeds to expand capacity, marketing and brand building activities and retire the debt on its books. Edelweiss, JM Financial and Spark Capital are managing the issue.

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