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Manpasand Beverages seeks Sebi's nod for Rs 400 cr IPO

Manpasand Beverages makes fruit drink 'Mango Sip' as well as apple and litchi juices

New Delhi: Fruit drinks maker Manpasand Beverages has sought market regulator Sebi's approval to raise Rs 400 crore through initial public offer (IPO).

As per draft red herring prospectus (DRHP) filed by Manpasand Beverages with Securities and Exchange Board of India (Sebi), the company would issue equity shares aggregating to Rs 400 crore. The company's decision to file draft papers for its IPO comes at a time when the secondary market has continued on its upward growth. Manpasand Beverages makes fruit drink 'Mango Sip' as well as apple and litchi juices.

It has three manufacturing facilities in Vadodara, Banaras and Dehradun. The funds raised from the issue would be utilised for setting-up of a manufacturing facility in Haryana/Punjab, modernisation of existing facilities in Vadodara and Varanasi, setting-up of a corporate office at Vadodara, repayment of loans and general corporate purpose. The company is targeting revenue worth Rs 300 crore by the end of this year and over Rs 1,000 crore sales by 2016. It has a capacity of 75,000 cases per day and is looking to expand that to 150,000 within three years.

Indian food and beverages market in the FMCG sector is pegged at almost Rs 1.5 lakh crore. Kotak Mahindra Capital Company Ltd, India Infoline Ltd and ICICI Securities Ltd are the book running lead managers of the issue.

( Source : PTI )
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