 "Parag Milk Foods IPO: Positives priced in")
Parag Milk Foods has surged 16% to Rs 267, its highest level since listing on May 19, 2016 on the National Stock Exchange (NSE), in intra-day trade on back of heavy volumes.
The trading volumes on the counter jumped an over four-fold with a combined 2.23 million equity shares representing nearly 3% of total equity of Parag Milk Foods changed hands on the NSE and BSE.
The company issued equity shares at Rs 215 per share to qualified institutional buyers (QIBs) and non-institutional investors (NIIs). Retail investors and employees, on the other hand, were offered a discount of Rs 12 per equity share. Allotment to anchor investors was made at Rs 227.
Parag Milk Foods’s Rs 760 crore initial public offer (IPO), which was extended by three days, was oversubscribed 1.83 times on the final day of the offer. The company had also revised the price band to Rs 215-227 per share. The price band was previously fixed at Rs 220-227.
At 03:05 PM, the stock was up 10% at Rs 255 on the NSE, as compared to 0.75% decline in the Nifty 50 index.
The trading volumes on the counter jumped an over four-fold with a combined 2.23 million equity shares representing nearly 3% of total equity of Parag Milk Foods changed hands on the NSE and BSE.
The company issued equity shares at Rs 215 per share to qualified institutional buyers (QIBs) and non-institutional investors (NIIs). Retail investors and employees, on the other hand, were offered a discount of Rs 12 per equity share. Allotment to anchor investors was made at Rs 227.
Parag Milk Foods’s Rs 760 crore initial public offer (IPO), which was extended by three days, was oversubscribed 1.83 times on the final day of the offer. The company had also revised the price band to Rs 215-227 per share. The price band was previously fixed at Rs 220-227.
At 03:05 PM, the stock was up 10% at Rs 255 on the NSE, as compared to 0.75% decline in the Nifty 50 index.
