Mrs Bectors Rs 541 crore initial public offer (IPO) was subscribed nearly 171 times on the Day 3 of the bidding process so far. By 2:245 pm, the offering has received bids for 13,58,09,050 shares about 170.72 times of the issue size of 1,32,36,211 shares.
As per the exchange data a show, the company has received bids for 201 crore equity shares for its offering against its IPO of more than 1.32 crore equity shares (excluding the anchor book). Non-institutional investors (NII) portion was subscribed 526 times, whereas qualified institutional buyers (QIB) portion was subscribed 93 times and that of retail investor portion was 25.5 times subscribed.
The IPO comprises of fresh equity shares worth Rs 40.5 crore and an offer for sale (OFS) of up to Rs 500 crore. The company has fixed a price band of Rs 286-288 per share and investors can bid for a minimum of 50 equity shares and then, in the multiples of 50 equity shares. On the higher price band, the stock is valued at 28 times of its trailing 12-month earnings of Rs 10.32, which analysts suggests quite attractive considering the company’s brand, distribution network, strong fundamentals and strong growth.