Sampoorna Foods IPO Sees 1.54 Times Subscription, Details on Allotment and Listing Dates to Follow" (Rewritten to be more professional and journalistic) NFP Sampoorna Foods IPO closes with 1.54

NFP Sampoorna Foods' Maiden IPO Subscribed 1.54 Times

NFP Sampoorna Foods, a leading processed cashew nuts distributor, has successfully concluded its maiden public issue, receiving subscriptions of 1.54 times on the final day of bidding on May 20. This strong response was driven by retail investors and qualified institutional buyers.

IPO Subscription Details

The IPO received 1,558 applications since its opening on May 18. Retail investors led the charge, bidding 2.79 times their allotted quota. In contrast, the portions reserved for qualified institutional buyers and non-institutional investors were subscribed 100 percent and 45 percent, respectively.

Read also: SMR Jewels IPO Successfully Lists with Institutional Support

The company will finalize the IPO share allotment by May 21, with trading in its equity shares set to commence on the NSE Emerge on May 25. NFP Sampoorna Foods, which imports raw cashew nuts and processes them into various grades of cashew kernels, is raising Rs 24.5 crore via its initial public offering (IPO) at the upper end of the price band of Rs 52-55 per share.

The company plans to utilize the IPO proceeds as follows: Rs 7.25 crore for working capital requirements, Rs 9.5 crore for repayment of borrowings, and the remaining amount for general corporate purposes. 3Dimension Capital Services has been appointed as the sole merchant banker for the NFP Sampoorna Foods IPO.

Meanwhile, other IPOs have also seen strong responses. Teamtech Formwork Solutions' Rs 50-crore public issue was subscribed 69 percent on its second day of bidding, while Vegorama Punjabi Angithi's Rs 38-crore IPO was fully subscribed at 1.35 times on its first day of bidding. In contrast, Harikanta Overseas' Rs 26-crore offer saw a 9 percent subscription.