Listing of Varun Beverages to be watched out
DSIJ Intelligence / 08 Nov 2016
Varun Beverages has set Rs 440-445 per share range for its initial public offer (IPO). The IPO is offering up to 2.5 crore shares, comprising 1.5 crore primary and the rest secondary shares, representing 13.7 per cent of the expanded capital. It will be open for subscription between October 26-28. The shares will start trading on November 8.
Varun Beverages has set Rs 440-445 per share range for its initial public offer (IPO). The IPO is offering up to 2.5 crore shares, comprising 1.5 crore primary and the rest secondary shares, representing 13.7 per cent of the expanded capital. It will be open for subscription between October 26-28. The shares will start trading on November 8.
The 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.
Varun Beverages had filed for its offer document with Securities Exchanges of India (SEBI) in June. Kotak, Axis Capital, CLSA and Yes Securities are managing the IPO for Varun Beverages.
Varun Beverages is targeting to raise funds of Rs 1112 crore. The company will have a market value of about Rs 8005 crore after the IPO.
On the financial front, Varun Beverages' revenue has increased by 35.41 per cent to Rs 3408 crore in CY15 as compared to same period in previous year. The company has posted net profit of Rs 87 crore in CY15 against net loss of Rs 20 crore in CY14.
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