Leo Dryfruits and Spices SME IPO sees 2.8 times subscription on Day 1

Leo Dryfruits and Spices IPO

The initial share sale of Leo Dryfruits and Spices Trading witnessed 2.8 times subscription on the first day of bidding, January 1, with demand from retail and non-institutional investors.

The manufacturer and trader of spices and dry fruits under the brand VANDU, as well as frozen and semi-fried products under FRYD, targets to raise Rs 25.12 crore through its initial public offering (IPO) at the upper end of price band of Rs 51-52 per share.

Retail and non-institutional investors have applied for 98.32 lakh equity shares against the offer size of 35.06 lakh shares, the subscription data on the BSE showed.

Retail investors picked 5.36 times their allotted quota, while the part set aside for non-institutional investors was subscribed 1.09 times, however, there were no bids from qualified institutional buyers yet.

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The maiden public issue will close on January 3, while the share allotment will be finalised by January 6.

Leo Dry Fruits and Spices has already raised Rs 6.88 crore from anchor investors on December 31. Smart Horizon Opportunity Fund, Ashika Global Securities, Saint Capital Fund, Vikasa India EIF I Fund, Chanakya Opportunities Fund, and Beacon Stone Capital were investors in the anchor book.

The IPO funds will be utilised mainly for working capital requirements, and branding, advertisement and marketing activities.

Shreni Shares is acting as the book running lead manager to the issue, while Leo Dry Fruits and Spices shares will debut on the BSE SME on January 8.