Parag Milk foods gains on listing day
DSIJ Intelligence / 19 May 2016
The dairy firm was in news recently as the company had to extend the subscription period and also revise the price band. The revised price band was Rs. 215-227 from previously fixed band of Rs. 220-227.
Parag Milk Foods started trading on bourses on Thursday amidst volatility. The stock got listed at 217, up by Rs. 2 from its issue price of Rs. 215. Within no time the stock started gaining ground and is now trading up by almost 16 percent from its issue price at 250, on an intra day basis, at the time of filing this report.
The dairy firm was in news recently as the company had to extend the subscription period and also revise the price band. The revised price band was Rs. 215-227 from previously fixed band of Rs. 220-227. Parag milk raised Rs. 760-crore in its initial public offering even as the issue was oversubscribed 1.83 times.
Parag Milk Foods a Maharashtra based company, is a leading manufacturer and marketer of dairy-based branded products in India. A substantial portion of sales is derived from products like cheese, UHT Milk, Ghee, Whey products, Flavoured milk and Buttermilk. Parag milk boasts of the largest cheese plant in India and enjoys a 32 percent market share in India. Amul is the market leader with 42 percent market share.
The company claims that out of the total issue proceeds, Rs. 148 crore will be utilised towards modernisation of the existing manufacturing facility and expansion.
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