Manpasand Beverages' Rs 400cr IPO to hit markets on June 24

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Manpasand Beverages' Rs 400cr IPO to hit markets on June 24
Fruit drinks maker Manpasand Beverages will hit the capital markets on June 24 to raise up to Rs 400 crore through an initial public offering (IPO) to fund its expansion plans, including a new manufacturing unit.

The IPO subscription would close on June 26. Gujarat-based Manpasand, which will be the eighth company to launch an IPO this year, has fixed a price band of Rs 290-320 per piece for the issue.

The issue, to be listed on both BSE and NSE, comprises equity shares "aggregating Rs 4,000 million". The firm would use nearly Rs 153.23 crore from the IPO proceeds for setting up of a new manufacturing facility in Haryana.

Besides, the IPO funds would be utilised to set up a corporate office at Vadodara, modernisation of existing facilities in Vadodara and Varanasi, repayment of loans and other general corporate purposes, the company said today.

Manpasand, the maker of 'Mango Sip' and other fruit juice drinks, has manufacturing plants in Vadodara, Dehradun and Varanasi.

"The focus of the IPO is to raise funds to rapidly expand the company's presence in the market across the country," Manpasand Beverages Chairman and Managing Director Dhirendra Singh told reporters here. The company, which caters mostly to semi-urban and rural areas of the country, is targeting to increase its presence in the urban market.

Manpasand has allocated 75 percent of the issue to qualified institutional buyers (QIB), 15 percent to non-institutional investors and 10 percent to the retail category.

Kotak Mahindra Capital Company, IIFL Holdings Ltd and ICICI Securities are the book running lead managers to the share sale. Seven firms - UFO Moviez India, MEP Infrastructure Developers, Inox Wind, Adlabs Entertainment, Ortel Communications, PNC Infratech and VRL Logistics - have tapped the IPO route to raise funds so far this year.