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Mrs Bectors Food Specialities is off to a great start $73 million IPO was subscribed 3 times on day one
Mrs Bectors Food Specialities is off to a great start $73 million IPO was subscribed 3 times on day one
Navdeep YadavDec 15, 2020, 16:37 IST
Mrs Bectors Food
The ₹540 crore (about $73 million) share sale of Mrs Bectors Food Specialities was subscribed 2.98 times on the first day of bidding on Tuesday.
This is the second initial public offer this month to have received an oversubscription in the first few hours itself – the first one being Burger King India.
The IPO received bids for 2.94 crore equity shares against the offered size of 1.32 crore shares, according to data from the stock-exchanges.
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The legend goes that company’s flagship brand Mrs Bector s Cremica was born out of the Hindi phrase “cream ka” (made of cream) when Rajni used to sell ice creams. Her recipes became so popular that the initial investment of ₹20,000 is today a ₹1,000 crore business spanning countries. “Today as you know, we are one of the leading brands in biscuits and bakery business in North India, and we have established this brand from scratch. We hold a 4.5% market share in North India. We export 12% of the total biscuit exports from India,” Anoop Bector, Rajni’s son and the Managing Director of the company told Business Insider in an interview.