Varun Beverages IPO oversubscribed
DSIJ Intelligence / 29 Oct 2016
Varun Beverages, world’s second largest PepsiCo Inc. bottler's IPO has been oversubscribed nearly 1.84 times of the issue. According to the data available from the stock exchanges, the category for institutional investors was subscribed 4.94 times, while the categories for high net-worth individuals and retail investors were subscribed 0.42 times and 0.79 times respectively.
Varun Beverages, world’s second largest PepsiCo Inc. bottler's IPO has been oversubscribed nearly 1.84 times of the issue. According to the data available from the stock exchanges, the category for institutional investors was subscribed 4.94 times, while the categories for high net-worth individuals and retail investors were subscribed 0.42 times and 0.79 times respectively.
Varun Beverages which was planning to raise funds around Rs 1112 crores had fixed a price band ranging from Rs 440 to 445 per share saw a good response from the subscribers. The company will use proceeds from the IPO to repay part of its Rs 1,700 crores debt. Kotak Mahindra Capital Co. Ltd, Axis Capital Ltd and CLSA India Pvt. Ltd and YES Securities (India) Ltd are managing the issue for the company.
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