Moneycontrol Bureau
After a tepid listing, shares of Varun Beverages ended with 3 percent gains at Rs 459.50 per share. The stock touched intraday high at Rs 471.75 per share and low at Rs 416.85 per share.
PepsiCo India's franchise bottling partner issue had not seen great response from investors as analysts had raised concerns on high valuations and debt. The company aimed to raise Rs 1112.50 crore through the offer which was open for subscription during October 26-28. It will use Rs 540 crore of the issue proceeds to repay its debt which currently stands at Rs 2138 crore.
The offer was oversubscribed 1.89 times. It was largely supported by qualified institutional buyers, whose reserved portion oversubscribed 4.94 times whereas response from retail and high networth individuals was tepid.
Its consolidated revenues and EBITDA was up 24 percent and 41 percent CAGR through CY12-15, while PAT grew to Rs 87 crore from Rs 25.1 crore in the same period. Its volume CAGR from existing sub-territories through CY11-15 stands at 7.4 percent.
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