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    Friday , May 06, 2016

   Parag Milk IPO subscribed 0.23 times on second day

   Publication: The Financial Express , Agency:Bureau
   Edition: Delhi/Kolkata/Bangalore/Chandigarh/Pune/Ahmedabad/Hyderabad/Chennai/Mumbai , Page No: 11 , Location: Bottom-Left , Size(sq.cms): 144
  

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N-NArendra 06.05 - 0116.htm
Parag Milk IPO subscribed 0.23 times on second day
fe Bureau
Mumbai, May 5: The initial public offering (IPO) of Parag Milk Foods saw tepid response on Thursday with the issue sub­scribed nearly 0.23 times. Bids for 43.6 lakh shares of the total 1.91 crore shares were received on day two of IPO.
The qualified institutional buyers (QIB) portion was sub-scribed0.12 times as they bidfor 13 lakh shares of the 103 lakh shares on offer for them. High net-worth individuals on the other hand bid for 11 lakh shares of the 50 lakh shares re­served for them, bidding 0.22 times. Retail investors were a little more enthusiastic as they bid for nearly 50 % of their quo­ta or 17 lakh shares of the 33 lakh shares reserved. Employ­ees bid for 2.19 lakh shares of the 3 lakh shares reserved.
N-NArendra 06.05 - 0116-1.jpg
The price band for the issue is Rs 220 to Rs 227 and at the upper end of the price band, the share is valued at 50.4 times its FY15 earnings. The public offer which opened on Wednesday closes on May 6. The company allotted 1.51 crore shares at Rs 227 apiece to anchor investors in­cluding Nomura India Invest­ment Fund, Morgan Stanley, Tata Balanced Fund among oth­ers, raising Rs 342 crore in the
process on Tuesday. The IPO in­cludes a fresh issue of shares worth Rs 300 crore and an offer for sale amounting to Rs 466 crore.
ICICI Direct believes Parag Milk Foods is a vailableat fair val­uations considering the opportu­nity size lying ahead of the firm in the dairy industry. The dis-count of Rs l2 per share on the final issue price for retail investors in­creases the attractiveness of the firm for long term investors.
 
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Parag Milk IPO subscribed 0.23 times on second day
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Date: Friday , May 06, 2016
Publication: The Financial Express, Agency: Bureau
Edition: Delhi/Kolkata/Bangalore/Chandigarh/Pune/Ahmedabad/Hyderabad/Chennai/Mumbai, Page No: 11, Location: Bottom-Left, Size(sq.cms): 144