Monday, 22 June 2015

Manpasand Beverages Sets IPO Price Band At Rs 290-320/Share for 22 June 2015

Manpasand Beverages Ltd (MBL) is a fruit drink manufacturing company with a primary focus on mango fruit. Its mango based fruit drink, "Mango Sip", is a flagship brand, which is strategically focused towards customers primarily based in semi urban and rural markets. With a view to expand MBL's product portfolio, it has launched two new brands, "Fruits Up" and "Manpasand ORS". "Mango Sip", is a mango fruit based drink with approximately 12-14% mango pulp content. Processed at a third party facility, it currently selectively distribute free bottles of "Pure Sip" along with "Mango Sip'. To part finance its modernization of Vadodara and Varanasi facilities and setting up of new unit at Haryana, setting up of new office at Vadodara and repayment of part debt and general corporate fund needs the company is coming out with a book building process IPO to raise Rs. 400 crore. The company is issuing approx 12500000 equity shares of Rs. 10 each (approx 25% dilution based on upper price band). This book building process IPO has a price band of Rs. 290-320. The issue is opening for subscription on June 24 and will close on June 26. Minimum application is to be made for 45 shares and in multiples thereon. 
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