Bajaj Corp IPO subscribed 19.29 times
The 45 lakh shares public issue of Bajaj Corp has received overwhelming response from investors. It has subscribed 19.29 times, as per NSE’s website and received equal demand at each price level of price band of Rs 630-660 per share.
The issue has received bids for 7.11 crore shares as against issue size of 36.90 lakh shares (excluding anchor investors’ portion). Huge demand was seen from non-institutional investors; their reserved portion got subscribed 53.49 times. Qualified institutional investors and retail investors’ portion subscribed 20.19 times & 6.62 times, respectively.
Bajaj Corp intends to raise Rs 283.50 crore at lower end of price band and Rs 297 crore at higher price band. It has already received commitment for Rs 52.65 crore from anchor investors, a part of qualified institutional investors’ (QIB) portion.
Issue proceeds will be used for promoting future products and acquisitions & other strategic initiatives. Total estimated expenditure for these objects are Rs 220 crore and 50 crore, respectively.
Bajaj Corp is one of India’s leading producers of hair oils. Its key product is Bajaj Almond Drops. In addition, it markets hair oil under the brand names Brahmi Amla, Amla Shikakai and Jasmine Hair Oil. It also produces oral care products under the brand name Bajaj Black Tooth Powder. The company manufactures products at two company-operated facilities in Parwanoo and Dehradun.
Bajaj Consumer currently holds 100% stake in the company, which will be reduced to 84.75% post issue.
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Category: IPO, Stock-News
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