Mrs Bectors Food Specialties IPO Oversubscribed Within Hours Of Opening

Mrs Bectors Food Specialties three-day share sale via initial public offering (IPO) was oversubscribed within hours of opening, data from National Stock Exchange showed. Mrs Bectors Food Specialties was subscribed 1.17 times as of 12:00 pm, according to NSE data. Mrs Bectors Food Specialties shares received over 1.55 crore bids as against 1.32 crore shares on the offer. Mrs Bectors Food Specialties shares saw huge demand from retail segment as it was subscribed 1.74 times. While portion reserved for qualified institutional buyers was not yet subscribed.

Mrs Bectors Food Specialties initial public offer will be open between December 15 and December 17. The issue price has been fixed at Rs 286-288 per share. The shares are likely to be listed on December 28.

The bakery products maker's initial public issue involves fresh issue of Rs 40.54 crore and an offer for sale of Rs 500 crore by the existing shareholders. Linus Private Limited will sell equity shares amounting to Rs 245 crore, Mabel Private Limited will sell Rs 38.5 crore, GW Crown, Rs 186 crore and GW Confectionary, Rs 30.5 crore.

Mrs Bectors Food Specialties will use the IPO funds for expanding its Rajpura manufacturing facility by adding a new production line for biscuits.

Retail investors can bid for a minimum one lot of 50 shares and in multiples, up to 13 lots.

Incorporated in 1995, Mrs Bectors Food Specialties produces biscuits such as cookies, creams, crackers, digestives and glucose under the flagship brand 'Mrs Bector's Cremica' and bakery products, including breads, buns, pizza base and cakes, under the 'English Oven' brand. It is also one of the largest supplier of buns in India to reputed QSR chains such as Burger King India, Connaught Plaza Restaurants, Yum! Restaurants (India) and Hardcastle Restaurants.