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Parag Milk IPO subscribed 23 pc on second day

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The Rs 760 crore IPO of Parag Milk Foods was subscribed 23 per cent on the second day of the issue.
The offer received bids for 43, 67, 935 shares against the total issue size of 1,91,85,714 shares. On BSE, the QIB quota was subscribed 12.68 per cent, NII quote 22.06 per cent and retail quota 33.84 per cent.
On NSE, QIBs were yet to bid for the issue. The retail quota was subscribed 16 per cent, while employees bade for 70 per cent of the quota limit. NII quota witnessed bids for 2,925 shares. On BSE the number of bids from employee was 2.8 per cent of the quota limit.
The company had on Tuesday allotted 1.5 crore shares to 17 anchor investors, including Abu Dhabi Investment Authority, Nomura India Investment Fund and Morgan Stanley Mauritius at Rs 227 per share, mopping up Rs 343 crore.
Parag Milk is looking to raise around Rs 760 crore through the IPO, whose price band has been fixed at Rs 220-227 per share. Parag Milk has already got commitments for shares worth Rs 343 crore from anchor investors.
The proceeds would be utilised towards expansion and modernisation as well as investment in its subsidiary. Kotak Mahindra Capital Company Ltd, JM Financial Institutional Securities Ltd, IDFC Securities Ltd and Motilal Oswal Investment Advisors Private Ltd are the book running lead managers for the offer. Shares of Parag Milk are proposed to be listed on BSE and NSE.
Parag Milk IPO subscribed 10pc on Day 1
The Rs 760-crore IPO of dairy firm Parag Milk Foods was subscribed 10 per cent on the first day of the issue.
According to a report in PTI: The offer received bids for 19,71,385 shares against the total issue size of 1,91,85,714 shares on first day. The issue closes on May 6.
The category reserved for qualified institutional buyers (QIBs) was subscribed 13 per cent, non-institutional investors 3 per cent and retail investors 15 per cent. Parag Milk has already got commitments for shares worth Rs 343 crore from anchor investors.
This is the third initial public offer in less than a week to hit the market after Thyrocare Technologies and Ujjivan Financial Services.
The offer comprises fresh issue of equity shares worth Rs 300 crore and an offer for sale of over 2 crore equity shares.
BRAND HISTORY
Parag is an integrated dairy company with presence in over twenty product categories. While the company’s products are sold nationally, over half of its revenues are earned from western India.
It commenced business in 1992 with collection and distribution of milk and has now developed into a dairy-based branded consumer products company with an integrated business model.

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