Prataap Snacks IPO oversubscribed as on Day 2

Prataap Snacks initial share sale offer was oversubscribed 1.08 times so far on the second day of bidding today.

The initial public offer IPO, which aims to raise Rs 482 crore, received bids for 39,14,325 shares against the total issue size of 36,27,518, data available with the NSE till 1445 hours showed. Prataap Snacks last week garnered a little over Rs 143 crore from anchor investors.

The company's Rs 482-crore issue size includes Rs 200 crore through fresh equity issue and the rest from sale of 30,05,770 shares. The issue, with a price band of Rs 930-938 per share, will close for subscription tomorrow.

The company, which makes products under the 'Yellow Diamond' brand, aims to use the proceeds to expand capacity, marketing and brand building activities and retire the debt on its books.

Edelweiss, JM Financial and Spark Capital are managing the issue.

Shares of JM Financial today rose by over 3 per cent after the company's March quarter net profit jumped almost 42 per cent.

The stock gained 2.86 per cent to end at Rs 120.65 on BSE. During the day, it jumped 6.39 per cent to Rs 124.80 -- its 52-week high.

On NSE, shares of the company rose by 3.2 per cent to close at Rs 120.85.

In terms of volume, 8.15 lakh shares of the company were traded on BSE, and over 41 lakh shares changed hands at NSE during the day.

JM Financial yesterday reported a healthy set of numbers for the March quarter with net profit jumping almost 42 per cent to Rs 210.5 crore, while its lending business closed the quarter with almost nil bad loans.

This record asset quality comes amidst the company's loan book crossing the Rs 10,000-crore-mark to reach Rs 11,343 crore, logging in a growth of 57.21 per cent.

Topline numbers, which grew almost 53 per cent to Rs 725 crore, were mostly driven by the investment banking, wealth management and securities businesses which clipped past 77 per cent, the company had said.

Board of JM Financial Asset Management approves buyback of shares

JM Financial announced that the Board of Directors of JM Financial Asset Management, a subsidiary of JM Financial, at its meeting held on 24 April 2017, has approved the buy-back of up to 10% of the outstanding equity capital subject to the necessary approvals as may be required.