Fruit drink maker Manpasandh Beverages will hit the capital market on June 24 to raise up to Rs 400 crore through an initial public offering.
The Vadodra-based company plans to use this funding to expand including a new manufacturing unit. The new manufacturing facility will be based in Haryana. Besides this, the IPO funds would be utilised to set up a corporate office at Vadodara, modernisation of existing facilities in Vadodara and Varanasi, repayment of loans and other general corporate purposes, the company said today.
Manpasandh is known for its famous drink, “Mango Sip”. They also launched a new product last year called “Fruits Up” which was aimed to target the urban market. The company, which caters mostly to semi-urban and rural areas of the country, is targeting to increase its presence in the urban market.
According to Manpasand’s CMD Dhirendra Singh, “Catering to this demand will be critical if juice players have to grow.” He added, “The focus of the IPO is to raise funds to rapidly expand the company’s presence in the market across the country.”
More Mango Sip for everyone, then?