The initial public offer of Sapphire Foods will open for subscription today, November 9, and will close on November 11 – remaining open for investors for a period of three days.

Sapphire Foods India has fixed a price band of Rs 1,120-1,180 per share. Investors can bid for a minimum of 12 equity shares and in multiples of 12 shares thereafter.

The IPO of over 17.5 million shares is completely an offer for sale (OFS) by the promoters and investors of the company. The IPO proceeds, apart from issue expenses, will go to shareholders who are selling their stakes. 

Retail investors can invest a minimum of Rs 14,160 and their maximum investment would be Rs 1,98,240 for 14 lots. Up to 75 per cent of the shares are reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional buyers and the remaining 10 per cent for retail investors.

Sapphire Foods aims to utilise the returns from the IPO for carrying out the offer for sale of up to 17.5 million shares and strengthen the brand name amongst existing and potential customers.

Sapphire Foods is backed by marquee investors, Samara Capital, Goldman Sachs, CX Partners, Creador and Edelweiss. JM Financial, BofA Securities, ICICI Securities, and IIFL Securities are the lead managers to the public issue.

The opening of Sapphire Foods IPO comes one day after India’s biggest IPO – by digital payments company Paytm, opened for subscription. Last week, five other companies successfully concluded their respective IPOs.