(MENAFN- KNN India) New Delhi, Mar 27 (KNN) Chatha Foods Limited, a frozen food products company, made a strong stock market debut on Wednesday. The company's shares got listed at Rs 73 on the BSE SME platform, marking a premium of 30.36 per cent over the issue price of Rs 56 per share.
The Rs 34-crore initial public offering (IPO) of Chatha Foods witnessed robust investor demand, with the issue being subscribed a whopping 19.28 times. The stellar response underscores the investor appetite for the company's business prospects.
Established in 1997, Chatha Foods specializes in processing a range of frozen food products, including chicken appetizers, meat patties, chicken sausages, and sliced meat.
The company caters to quick-service restaurants (QSRs), casual dining restaurants (CDRs), and other entities in the hotel, restaurant, and catering (HORECA) segment.
The IPO, which was entirely a fresh issue of 59.62 lakh shares, closed for subscription on March 21. The strong demand was evident across investor categories.
Retail investors bought shares 14.60 times their allocated quota, while qualified institutional buyers and high net worth individuals subscribed to 8.54 times and 44.52 times their respective portions.
Chatha Foods plans to utilise the IPO proceeds to set up a new manufacturing unit and fund general corporate purposes, positioning itself for future growth in the frozen food segment.
(KNN Bureau)
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