Bectors Food IPO - Day 1 subscription - Angel Broking

Mr. Keshav Lahoti - Associate Equity Analyst, Angel Broking Ltd

Mrs. Bectors Food Specialities received a good response from anchor investors by raising Rs.162 crore. The anchor allotment was done at the higher price band of Rs.288. Anchor investors of the issue were Nomura, Goldman Sachs India, HDFC Life Insurance etc.

Mrs. Bector IPO was subscribed by 3.7 times on the first day of issue. Retail portion was most subscribed by 6.8 times.. Non institutional and QIB was subscribed 1.37 and 0.02 times only as mostly they subscribe in big numbers on the last day of the issue. Mrs. Bector IPO is priced lower compared to the peers on the valuation front making it a strong candidate for stellar listing. We expect the IPO to be subscribed manifold times.

We are positive on the future outlook for the industry as well as the company, so we have recommended to "Subscribe" to the issue for long term as well as for listing gains in our IPO Note.

Source : Equity Bulls

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