Prataap Snacks IPO subscribed 2.17 times on Day 2

Prataap Snacks initial share sale offer was oversubscribed 2.17 times on the second day of bidding today.

The initial public offer ( IPO), which aims to raise Rs 482 crore, received bids for 78,79,800 shares against the total issue size of 36,27,518 shares, data available with the NSE till 1730 hrs showed.

Portion set aside for qualified institutional buyers (QIBs) was subscribed 3.91 times, non institutional investors 10 per cent and retail investors 2.1 times.

Prataap Snacks last week garnered a little over Rs 143 crore from anchor investors.

The company's Rs 482-crore issue size includes Rs 200 crore through fresh equity issue and the rest from sale of 30,05,770 shares.

The issue, with a price band of Rs 930-938 per share, will close for subscription tomorrow.

The company, which makes products under the 'Yellow Diamond' brand, aims to use the proceeds to expand capacity, marketing and brand building activities and retire the debt on its books.

Edelweiss, JM Financial and Spark Capital are managing the issue.