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The initial public offering (IPO) of Prabhat Dairy was subscribed 15 per cent on Friday, the first day. Bids the came for 5.45 million shares against 36.4 million equity scrips on offer, according to data available with the National Stock Exchange (NSE) till 5 pm.
The bidding for the IPO would conclude on Tuesday. The price band has been fixed at Rs 140-147 per share.
The IPO comprises fresh issue of shares worth Rs 300 crore and an offer for sale of up to 1,47,06,000 shares by existing shareholders. At the upper end of the band, the milk and dairy products firm would raise Rs 535 crore, while at the lower end it would garner Rs 510 crore.
The proceeds would be utilised for payment of loans, capital expenditure and general corporate purpose. The issue is being managed by Edelweiss Financial Services, Macquarie Capital Securities (India) and SBI Capital Markets.
The equity shares are proposed would be listed on BSE and NSE.
