Manpasand Beverages end flat on debut

The stock traded in between Rs 286 and Rs 343 a share before ending up 2% at Rs 326, compared to IPO price of Rs 320 a share

Shares of fruits drink company Manpasand Beverages ended with marginal gains on its trading debut on Thursday. The Gujarat-based firm had raised around Rs 400 crore in an initial public offering (IPO) late last month.

On the National Stock Exchange, the stock traded in between Rs 285.7 and Rs 342.6 a share before ending up two per cent at Rs 326.1, compared to IPO price of Rs 320 a share.

Manpasand’s IPO had garnered 1.4 times subscription and the company issued the shares at the top end of the IPO price band of Rs 290 and Rs 320. Manpasand, which owns the Mango Sip drink, plans to use half IPO proceeds to set up a manufacturing facility in Haryana and modernise the existing ones at Vadodara and Varanasi and another Rs 100 crore towards repayment of debt. Kotak Mahindra, IIFL Holdings and ICICI Securities handled the Manpasand issue.