A minute into the debut, the stock surged to its maximum upper
limit of 20 per cent at Rs 601.20, rising more-than-double the issue price on
the BSE.
Shares of Mrs.
Bectors Food Specialities made a strong debut at the bourses on Thursday with
stock of the biscuit and bread manufacturer listing at Rs 501, a 74 per cent
premium against its issue price of Rs 288 per share on the BSE on Thursday. A
minute into the debut, the stock surged to its maximum upper limit of 20 per
cent at Rs 601.20, rising more-than-double the issue price on the BSE.
At 10:02 am, Mrs.
Bectors Food Specialities was quoting at Rs 590, a 105-per cent gain
against the issue price. On the National Stock Exchange (NSE), the stock was
trading at Rs 591, after opening at Rs 500 per share. It touched an intra-day
high of Rs 600 post the debut. A combined around 13.5 million equity shares
changed hands on the counter on the NSE and BSE till the time of writing of
this report.
The initial
public offering (IPO) of Mrs Bectors Food Specialities received huge
response with public issue garnering 198 times subscription and generated bids
worth more than Rs 40,000 crore. The so-called high networth individual (HNI)
portion saw 620 times more demand than shares on offer. The qualified
institutional buyer (QIB) portion was subscribed 177 times and retail category
saw nearly 30 times subscription.
The company
manufactures and markets cookies, creams, crackers, digestives and glucose
under its brand 'Mrs. Bector's Cremica'. They also manufacture and market
bakery products in savoury and sweet categories under its brand 'English Oven'.
Bector Food is the largest supplier of buns in India to quick-service
restaurant (QSR) chains such as Burger King India.
The company has
reported strong margin expansion in the first half of the current fiscal
(H1FY21) which, analysts say, seems unsustainable. That said, bounce back in
Institutional business will provide reasonable profit growth in FY22.
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