Monday, 18 September 2017

Prataap Snacks' Rs 482-cr IPO to hit market on September 22

Indore-based snacks maker Prataap Snacks' estimated Rs 482-crore initial public offer (IPO) will open for subscription on September 22.

The issue, with a price band of Rs 930-Rs 938 per equity share, will close on September 26.

The Rs 482-crore issue size includes Rs 200 crore through fresh equity issue and the rest from offer for sale. It will also offer a discount of Rs 90 per share to eligible employees of the company.

The Sequoia Capital-backed company, which clocked a revenue of Rs 903 crore last fiscal, also plans to enter the sweet snacks category in a fortnight's time, Managing Director and Chief Executive Officer Amit Kumat told reporters here.

Sequoia Capital's stake would reduce to 49 % post IPO from 63 % at present, while the other three promoters -- Arvind Mehta, Amit Kumat and Apoorva Kumat's shareholding will come down to approximately 24 % from around 33-34 % at present.

The organised snack category in India is estimated to be Rs 22,000 crore in size and growing at 10-11 %. Prataap Snacks has been clocking a CAGR of over 27 %.

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