Shares in biscuit maker Mrs Bectors Food Specialities Ltd more than doubled in their market debut on Thursday, in a latest sign of strong investor appetite for the country’s food sector amid the COVID-19 pandemic.
The initial public offering (IPO), which was nearly 200 times oversubscribed, comes days after Burger King India – a company to which Mrs Bectors sells buns – also enjoyed a strong stock market debut.
Mrs Bectors raised about ₹ 540 crore in the IPO. The company makes cookies, creams and crackers under its flagship “Cremica” brand, besides bakery products such as breads, buns and cakes branded “English Oven”.
Shares of the company opened at ₹ 500 per share on the National Stock Exchange, well above the initial public offering price of ₹ 288.
At its session high, the company had a market value of ₹ 3,525 crore.