Mumbai, May 19, 2016: Parag Milk Foods Limited (the “Company”) successfully listed on the bourses today. The stock listed at Rs 215.70 a share and closed at Rs 247.80 a share on BSE, soaring over 15.40 per cent. The stock touched a high of Rs 250 a share on BSE. The stock opened on NSE at Rs 217.50 a share and closed at Rs 248.00 per share, soaring over 14.88 percent from the listed price. The stock touched a high of Rs 249.70 per share at NSE during the day.
The Public Issue comprised a fresh issue aggregating up to Rs. 3,000 million (“Fresh Issue”) and an offer for sale of up to 20,572,573 Equity Shares. (The “Issue”).The Issue included a reservation of 300,000 Equity Shares for subscription by Eligible Employees. The price for the issue was Rs 215 with a Rs 12 discount for Retail Investors and Eligible Employees.
The Public Issue was subscribed ~1.82 times on an overall basis. The QIB portion was subscribed ~1.15 times; the Non-Institutional portion was subscribed ~3.08 times; the Retail portion was subscribed ~2.12 times; and the Employees portion was subscribed ~1.02 times.
On May 3, 2016, the Company had finalized the allocation of 1,51,03,935 equity shares to anchor investors at a price of Rs. 227 per equity share aggregating to Rs. 342.86 crore to anchor investors.
Speaking on the occasion, Mr Devendra Shah, Chairman, Parag Milk Foods Limited said “We are overwhelming with the response received by 52000 shareholders which includes farmers, our consumers, retailers, distributors, employees, and investors. Our IPO and listing today has given us growth capital to bring Parag Milk Foods to move to the next level”