After PNB Housing fireworks, Varun Beverages to get listed on Nov 8
DSIJ Intelligence / 07 Nov 2016
PepsiCo India's largest franchise bottling partner Varun Beverages is set to debut on the stock market on November 8. It has fixed issue price at Rs 445.
PepsiCo India's largest franchise bottling partner Varun Beverages is set to debut on the stock market on November 8. It has fixed issue price at Rs 445. After the issue, the promoters' stake in the company will reduce to 73.7 per cent.
IPO issue of Varun Beverages, which opened for subscription during October 26-28, was oversubscribed 1.89 times on final day. Shares reserved for QIBs received bids 4.94 times, while the subscription of non-institutional investors came in at 42 per cent. The retail investor quota was subscribed 79 per cent. So far this year, as many as 22 companies got listed on the stock exchanges. The response from retail and high net worth individuals was lukewarm.
Varun Beverages has raised Rs 327 crore from anchor investors. Those allotted include Abu Dhabi Investment Authority, Morgan Stanley and Merrill Lynch. The IPO consisted of a fresh issue of 1.5 crore equity shares and offer for sale of 1 crore shares by promoters.
The proceedings of the IPO will be utilised for debt repayment. The company has debt of Rs 2,300 crore on its books.
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