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Manpasand Beverages plans to raise Rs 400 crore through IPO

The IPO opens for bidding tomorrow, 24 June 2015.

June 23, 2015 1:35 IST | capital market

Manpasand Beverages is coming up with an initial public offer (IPO) of Rs 400 crore. The price band for the IPO has been set at Rs 290 to Rs 320. The bidding for the IPO opens tomorrow, 24 June 2015 and closes on 26 June 2015.

The proceeds of the issue will be used for setting-up of a new manufacturing facility in the state of Haryana; modernization of its existing manufacturing facilities i.e. Vadodara 1 Facility and Varanasi Facility; setting-up of a new corporate office at Vadodara; repayment/prepayment of certain borrowings availed by the company and for general corporate purposes.

Manpasand Beverages reported net profit of Rs 12.64 crore on net sales of Rs 239.10 crore for nine months ended 31 December 2014.

Manpasand Beverages is a fruit drink manufacturing company with a primary focus on mango fruit. The mango based fruit drink, Mango Sip, is its flagship brand, which is strategically focused towards customers primarily based in semi urban and rural markets.

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