Speciality Restaurants IPO subscribed 2% on second day
Google and Facebook have the same number of users. However, Google's net profit and revenue is 10 times that Facebook. Yet, at over $ 100bn, the stock market is giving a market value to Facebook that is only half of Google.
The initial public offer (IPO) of Speciality Restaurants Ltd continued to receive lukewarm response on the second day of the issue on Thursday as it got subscribed by a mere two per cent.
The IPO attracted bids for 2.23 lakh shares against 99.78 lakh shares on offer till 1700 hours.
Speciality Restaurants has fixed the price band for the initial share sale of about 1.17 crore shares at Rs 146-155 apiece that would garner up to Rs 182 crore.
The company has mopped up more than Rs 26 crore through issue of shares to anchor investors.
The proceeds of the IPO, which closes tomorrow, would be mainly used for new restaurants, repayment of term loan and general corporate purposes. Speciality Restaurants has 82 eateries under 10 brands, including Mainland China, Oh! Calcutta, Sigree, Flame & Grill, Machaan Sweet Bengal and Just Biryani.
