Premium biscuit and bakery firm, Mrs Bectors Food Specialities Ltd became the most successful initial public offering (IPO) of 2020, attracting bids for nearly 199.41 times the number of shares on offer, stock exchange data showed.
Mrs Bectors’ subscription figures beat Mazagon Dock Shipbuilders Ltd and Burger King India, the other IPOs that drew big subscription numbers this year, getting nearly 157 times each subscription.
This also puts it among the three biggest subscribed IPOs in a decade. The two companies that got better attractions are Salasar Techno Engineering Ltd, which was subscribed over 270 times in July 2017; and Astron Paper and Board Mill Ltd, which got over 240 times in December that year, according to Prime Database.
While Mrs Bectors was raising Rs 541 crore from its IPO, the other two IPOs, even though main board IPOs, were considerably smaller at Rs 35.95 crore and Rs 69.83 crore, respectively.
The company had offered shares in the price band of Rs 286-288 a piece.
According to reports, the proceeds from the fresh issue will be used for financing the project cost towards expansion of the Rajpura Manufacturing Facility in Punjab by establishing a new production line for biscuits, according to draft red herring prospectus filed by the company.
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