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Fruit drinks and carbonated fruit drinks company Manpasand Beverages has successfully closed its ₹400-crore initial public offer.
The issue was subscribed 1.4 times, with the institutional portion subscribed 1.98 times. The HNI category subscriptions reached 0.38 of its portion while retail investors subscribed 1.16 times their portion.
The company, which sells its products under the brand name ‘Mango Sip’ and ‘Fruits Up’, plans to use the money to set-up a new manufacturing facility at Ambala in Haryana with an investment of ₹150 crore and expand and modernise its existing manufacturing facilities at Vadodara and Varanasi with an investment of ₹40-50 crore. It also plans to use the funds to repay loans to the tune of ₹150 crore, set up a corporate office, etc.
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