Gets bids for 1.88 crore shares
The initial public offer (IPO) of Coffee Day Enterprises (CDEL) received bids for a total of 1.88 crore shares until 16:00 IST today, 15 October 2015, compared with 2.58 crore equity shares on offer. The IPO was subscribed 0.73 times or 73%. The company plans to raise Rs 1150 crore through the IPO. The IPO opened for bidding on 14 October 2015 and will close tomorrow, 16 October 2015.
Coffee Day Enterprises has raised Rs 334.27 crore by selling 1.03 crore shares to a total of twelve anchor investors ahead of the company's initial public offer (IPO). The shares will be allotted to the anchor investors at Rs 322 per share, the mid-point of the Rs 316 to Rs 328 per share price band for the IPO.
CDEL plans to use the IPO proceeds to set up new cafe network outlets, manufacturing and assembling of vending machines, refurbishment of existing cafe network outlets, setting-up of a new coffee roasting plant facility, repayment or prepayment of loans and general corporate purposes.
CDEL is engaged in coffee business through subsidiary, Coffee Day Global (earlier known as Amalgamated Bean Coffee Trading Company) and its subsidiaries. The company is also engaged in coffee trading through CDEL and Coffee Day Trading. In addition to having the largest chain of cafes in India, the company operates a highly optimized and vertically integrated coffee business which ranges from procuring, processing and roasting of coffee beans to retailing of coffee products across various formats.
On consolidated basis, CDEL reported net loss of Rs 20.05 crore on net sales of Rs 623.06 crore in Q1 June 2015.
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