 "Parag Milk Foods subscribed 10% on day one")
Maharashtra-based dairy products company Parag Milk Foods was subscribed 10 per cent on Wednesday, the first day of its issue. The Rs 767-crore Initial Public Offering (IPO) opened on Wednesday and will close on Friday.
The 19.1-million share IPO received 1.9 million shares on the first day. The company is offering around 33.8 million shares, which includes 20.6 million offer-for-sale shares while 113.2 million fresh shares. The dairy company is looking to raise Rs 300 crore through fresh sales. The price band for the IPO is Rs 220-227.
On Tuesday, the company raised Rs 343 crore from anchor investors when it allotted 15.1 million shares at Rs 227 per share to investors including Abu Dhabi Investment Authority, Nomura India Investment Fund, and Tata Mutual Fund.
Parag Milk Foods is an integrated dairy firm that sells brands such as Go, Gowardhan, Pride of Cows, and Topp up. This is the third IPO in less than one week to hit the market after the success of Thyrocare Technologies and Ujjivan Financial Services.
