Sharemasterindia.com: Shares of fruit drinks maker Manpasand Beverages ended higher on Thursday, reversing early losses. Making a tepid debut on the bourses, Manpasand Beverages opened at Rs 300 on NSE, down over 6 per cent from its issue price of Rs 320.
It fell nearly 11 per cent at its day's low of Rs 285.70. At day's high, it rose to Rs 342.60.
Dhirendra Singh, CMD of Manpasand Beverages, attributed the weak debut to market volatility. He defended the pricing of the issue, saying that otherwise the IPO would not have been fully subscribed.
The fruit drink maker had raised Rs 400 crore through an IPO by issuing 12.5 million shares. The offer was subscribed 1.40 times.
Manpasand, the maker of 'Mango Sip' and other fruit drinks, has manufacturing plants in Vadodara, Dehradun and Varanasi.
The Gujarat-based Manpasand, the eighth company to launch an IPO this year, had set a price band of Rs 290-320 for the issue.
The firm will use nearly Rs 153 crore of the IPO proceeds to set up a new manufacturing facility in Haryana.
In addition, the funds will be utilised to set up a corporate office in Vadodara and for modernisation of existing facilities in Vadodara and Varanasi, repayment of loans and other general corporate purposes.
Manpasand Beverages shares ended nearly 2 per cent higher at Rs 326.
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