Prataap Snacks IPO receives spectacular response from investors: 47.39 times oversubscribed.

The initial public offer (IPO) of Prataap Snacks received bids for 17.19 crore shares, data on the National Stock Exchange of India (NSE) website showed. The IPO was oversubscribed 47.39 times. The IPO opened for subscription on Friday, 22 September 2017 and closed 26 September 2017. The price band for the IPO had been fixed at Rs 930 to Rs 938 per share.

Category wise, the qualified institutional buyers (QIBs) category was subscribed 76.89 times. The non institutional investors (NIIs) category was subscribed 101.15 times. The retail individual investors (RIIs) category was subscribed 8.48 times.

Ahead of the IPO, Prataap Snacks raised Rs 143.40 crore by selling 15.28 lakh shares to a total of 15 anchor investors at Rs 938 per share, the top end of IPO price band.

Prataap Snacks makes potato chips and a variety of savouries under the brand name Yellow Diamond. It also plans to expand into confectionaries and health snacks.

Prataap Snacks plans to use the money for retiring debt (Rs 50 crore), setting up new production lines and modernising existing factories at Indore and Guwahati and a contract manufacturing facility at Bengaluru (Rs 72 crore), investing in subsidiary Pure N Sure (chocolate based confectionary snacks), repaying debt (Rs 24 crore) and brand building activities (Rs 40 crore).