Leo Dry Fruits and Spices' initial public offering continued to get healthy response from investors, subscribing 13.23 times on December 2, the second day of bidding, with investors bidding for 4.63 crore equity shares against the offer size 35.06 lakh shares.
The dry fruits and spices manufacturer and trader opened its public issue on January 1 to mobilise Rs 25.12 crore through public issue of 48.3 lakh shares. The price band for the offer is Rs 51-52 per share.
The IPO funds (excluding offer expenses) will be utilised for working capital requirements; branding, advertisement and marketing activities, and general corporate purposes.
Retail investors remained well ahead of institutional and non-institutional investors, buying 20.12 times their allotted quota, while non-institutional investors bid 13.1 times their reserved portion, and the part set aside for qualified institutional buyers was fully subscribed.
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The Leo Dry Fruits and Spices IPO will close on January 3.
The company will finalise the share allotment by January 6, while the trading in its equity shares will kick off effective January 8.
Maharashtra-based Leo Dry Fruits and Spices , which competes with listed entities like Jetmall Spices and Masala, HOAC Foods India and Madhusudan Masala operates its business under two verticals - one is trading and manufacturing/processing of spices, dry fruits, frozen/semi fried products, and second is other grocery products. It deals in whole spices and dry fruits in smaller quantity under brand name VANDU, and frozen/semi fried products under the brand FRYD.
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