Ravi Kumar Distilleries IPO Listed at Rs. 72, at 12.5% Premium

Posted on by Listify Me

MUMBAI: Ravi Kumar Distilleries IPO debuted on bourses today offering gains to its investors. The Shares of Ravi Kumar Distilleries listed at 12.5% premium at Rs. 72. The shares offered Rs. 4 gain to investors against the issue price of Rs. 64 a share. The shares climbed as much as 34 percent on its trading debut in Mumbai today.

At National Stock Exchange (NSE), the shares touched a high of Rs. 88.40 so far. At 11:18 hours IST, the stock was trading at Rs 86.15, with volume of 17,650,791 equity shares. India’s Bombay Stock Exchange’s Sensitive Index, or Sensex, rose 86.42, or 0.4 percent, to 20,160.08 at 9:28 a.m. in Mumbai

Ravi Kumar Distilleries Ltd. raised Rs 73.60 crore through IPO of 1.15 crore equity shares at higher end of price band of Rs 56-64 a share and was subscribed 2.22 times. The issue received a good response from non institutional and retail investors.

Ravikumar Distilleries

The non- institutional investors category, made up of corporates and high net worth investors, was subscribed 7.31 times. The retail investors category was subscribed 3.01 times. The issue was opened for subscription during December 8-10.

Ravi Kumar Distilleries Ltd. is a maker of alcoholic beverages and is engaged in the business of manufacturing Indian made foreign liquor (IMFL) under its own brand portfolio as well as under tie-up arrangements with other companies. The IMFL comprises of whisky, brandy, rum, gin vodka.

As per the company statement, it will utilize the proceeds of the issue for expansion in unit by increase in existing capacity and installation of re-distillation plant. The company will also use it for partly financing the marketing and corporate branding expenses as well as for partly financing incremental working capital requirements and for general corporate expenses.

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