Shanthala FMCG Products, the fast-moving consumer goods distributor, made a robust debut on the National Stock Exchange (NSE) today, with shares opening at a premium of 18.68%. The stock started trading at ₹108, significantly higher than the issue price of ₹91 per share.
The company's initial public offering (IPO), launched on October 27, saw substantial investor interest. The IPO was oversubscribed 3.91 times during the bidding process that ran from October 27 to October 31. The retail category subscription stood at 3.05 times and other category subscription registered at 4.76 times.
The small and medium-sized enterprise (SME) issue was worth ₹16.07 crore ($214 million), consisting entirely of fresh equity shares amounting to 17.66 lakh. The IPO lot size was set at 1,200 shares. First Overseas Capital Ltd and Bigshare Services Pvt Ltd managed the IPO as lead manager and registrar respectively.
The funds raised from the IPO are set to cater to additional working capital needs and general corporate expenses, according to company promoters Manjunath Mallya, Shobitha Malya, Sneha Vinayak Kudva, and Yogish Mallya.
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