IPO
Srivari Spices' Rs.9-Cr SME IPO receives bids for Rs.2,500-Cr
The INR 9 crore initial public offer (IPO) of Hyderabad-headquartered Srivari Spices was oversubscribed by 418 times. Srivari is engaged in the business of manufacturing spices and flour (chakki atta) and marketing them in Telangana and Andhra Pradesh. The IPO is completely a fresh equity issue of 21.42 lakh shares. There is no offer for sale (OFS) segment. The category reserved for non-institutional investors was subscribed 786 times, while the category of retail investors was subscribed 517 times at close. Meanwhile, qualified institutional investors made bids for 79 times the reserved portion. Ahead of the IPO, Srivari Spices has allocated about 6.06 lakh shares to anchor investors at INR 42 per share. The company has offered its shares at a price band of INR 40-42 apiece.
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