High net worth individuals (HNIs) bid for 13,635 shares and retail investors bid for 5.04 lakh shares. Sequoia Capital plans to sell around 1.78 million shares, which at the upper end of the price band will fetch the venture capital firm about Rs167 crore.
Prataap Snacks Ltd, which counts Sequoia Capital as its private equity backer, has raised Rs 143.40 crore ($22.5 million) from a bunch of anchor investors including Capital Group, Fidelity Investments and USA investment bank Goldman Sachs. The IPO opened today, 22 September 2017 and will close on 26 September 2017.
The company has priced its shares in a range of Rs930-938 per share.
The Rs 482-crore issue includes Rs 200 crore through fresh equity issue and the rest from offer for sale. It aims to use the proceedings to expand the capacity of chips by 50 per cent and double that of namkeen, marketing and brand building activities and to retire the debt on its books. In June 2016, Aditya Parekh-led private equity firm Faering Capital invested Rs45 crore in the company.
Sequoia had invested about Rs 265 crore in multiple tranches, with its first investment dating back six years.
Prataap Snacks has appointed Edelweiss Financial Services Ltd, JM Financial Institutional Securities Ltd and Spark Capital Advisors (India) Pvt.
Sequoia Capital now holds 63.15 percent in Prataap Snacks. It is present in three major savoury snack food categories in India and all its products are sold under the Yellow Diamond brand. Read MoreBalrampur Chini approves investment of Rs 175 crore in education sector Balrampur Chini Mills announced that the board of the company has approved investment of Rs 175 crore in the education sector over the next five years.