After witnessing stellar listing yesterday with 33% premium over its issue price, shares of Prataap Snacks continue the bull run in the trading hours on Friday. The stock soared by 5% after it witnessed a 3% decline in the early trading hours
The stock price has appreciated by 5.92% and is trading at Rs 1249.
Prataap Snacks IPO was valued at Rs 482 Cr and was open for subscription between September 22-26. The IPO was over-subscribed by 47.39 times. The quota limit for qualified institutional buyers (QIBs) was subscribed by 76.89 times, non-institutional investors (NIIs) 101.15 times and retail investors 8.48 times.
The company makes food products under the “Yellow Diamond” brand and intends to use the IPO proceeds to expand its current capacity, increase the marketing and brand building activities and reduce debt.
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