 "Varun Beverages lists below issue price")
Varun Beverages listed at Rs 430 on the National Stock Exchange (NSE), 3.4% below its issue price of Rs 445 per share.
At 10:01 am, the stock was trading at Rs 426, down 4% against its issue price. It hit a high of Rs 432 and low of Rs 417 on the NSE so far. A combined 1.79 million shares changed hands on the counter on BSE and NSE. LINK
PepsiCo's largest franchise bottler Varun Beverages raised Rs 1,113 crore through initial public offer (IPO). The issue was oversubscribed 1.86 times at a price band of Rs 440-445 per share.
The portion set aside for qualified institutional buyers (QIBs) was subscribed 4.94 times. The portion of non-institutional investors (NIIs) and retail investors was undersubscribed. The subscription of NIIs came in at 42%, while of the retail investor quota was subscribed 79%.
The company had said it would use the proceeds to partially repay debt taken to fuel expansion in recent years. Varun is one of the largest franchisees of carbonated and non-carbonated beverages sold under brands owned by PepsiCo outside America. It accounts for 45% of PepsiCo’s volume in India, being sole bottler and distributor for Pepsi in a majority of northern and eastern India.
At 10:01 am, the stock was trading at Rs 426, down 4% against its issue price. It hit a high of Rs 432 and low of Rs 417 on the NSE so far. A combined 1.79 million shares changed hands on the counter on BSE and NSE. LINK
PepsiCo's largest franchise bottler Varun Beverages raised Rs 1,113 crore through initial public offer (IPO). The issue was oversubscribed 1.86 times at a price band of Rs 440-445 per share.
The portion set aside for qualified institutional buyers (QIBs) was subscribed 4.94 times. The portion of non-institutional investors (NIIs) and retail investors was undersubscribed. The subscription of NIIs came in at 42%, while of the retail investor quota was subscribed 79%.
The company had said it would use the proceeds to partially repay debt taken to fuel expansion in recent years. Varun is one of the largest franchisees of carbonated and non-carbonated beverages sold under brands owned by PepsiCo outside America. It accounts for 45% of PepsiCo’s volume in India, being sole bottler and distributor for Pepsi in a majority of northern and eastern India.