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Gujarat-based fruit drink-maker Manpasand Beverages plans to raise ₹400 crore through an initial public offer (IPO). The price band for each equity share has been set at ₹290-320.
The bid/issue period opens on June 24 and closes on June 26. The minimum bid lot is 45 equity shares and thereafter in multiples of 45.
Manpasand Beverages, backed by venture capital fund SAIF Partners, is a fruit drink manufacturing company which primarily produces mango-based drinks, mostly for the semi-urban and rural markets. Its most popular brands are ‘Mango Sip’ and ‘Fruits Up’.
The company plans to spend the IPO proceeds to set up a new manufacturing facility in Haryana and to modernise the existing manufacturing facilities in Vadodara and Varanasi. It also plans to set up a new corporate office at Vadodara and to repay or pre-pay certain loans.
The IPO is being conducted through the book building process wherein at least 75 per cent of the issue will be allotted on proportionate basis to qualified institutional buyers. The equity shares will be listed on the NSE and the BSE. The book running lead managers to the issue are Kotak Mahindra Capital, IIFL Holdings and ICICI Securities.
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