Bombay Stock Exchange (BSE) has decided to replace Just Dial with recently-listed Manpasand Beverages in its S&P BSE IPO index. The change will be effected from 22 July. The Vadodara-based fruit drinks maker recently listed on the bourses following the INR400 crore initial public offering (IPO) which was termed expensive by analysts.
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Manpasand Beverage Ltd is a new listing on the BSE with a float market capitalisation greater than Rs 100 crore, which necessitates its inclusion in the index
– BSE in a statement
Just Dial Ltd is excluded on account of completion of two years in the index, as per the index methodology, said India’s oldest stock exchange in the statement.
Manpasand Beverages counts SAIF Partners and Aditya Birla Private Equity among its investors. SAIF Partners holds nearly 29.79% stake in the company following its cumulative investment of INR90 crore in July 2011 and June 2014. Aditya Birla PE’s Sunrise Fund invested INR26.25 crore in the company in August 2014 for 3% stake. Company promoter Dhirendra Singh owned 67.18% stake before the issue.
Following a subscription of 1.4 times, Manpasand Beverages’ stock listed at a discount but recovered to close the days with modest gains. In the following weeks, it has gained more strength and currently trades at INR364.5 per share, up 13.7% from the issue price of INR320 per share.
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