Spark Capital Advisors (India) Pvt. Ltd. (“Spark”), acting as one of the Book Running Lead Managers, is pleased to announce the successful closure of an ~INR 482 crore fund-raise for Prataap Snacks Limited (“Prataap” or the “Company”) through an Initial Public Offering (“IPO”). The equity shares of the Company got listed on October 5, 2017 at a premium of ~35.4% (Issue price INR 938; NSE listing price INR 1,270)

Key Transaction highlights:

  • The Issue is one of the largest issues by a domestic snacking brand. The issue consisted of a primary offering of INR 200 crores and an offer for sale of ~INR 282 crores by existing shareholders. The issue had an anchor component of ~INR 143 crores
  • The issue was well received across all categories of investors and was over-subscribed to the tune of over 47 times in aggregate (QIB - 77x, HNIs – 101x and retail – 8x)

Spark’s role leading into the issue:

  • Offered end to end support to the management throughout the process in terms of fleshing out the unique investment proposition. Spark’s counsel to the Company throughout the process enabled the Company to position and articulate the differentiated aspects of the business to public market funds and investors
  • Spark’s hand-holding and inputs enabled the Company to handle investor’s queries on the business, especially in the context of a landmark change in the tax regime
  • Attractive positioning and a strong equity story eventually led to the discovery of optimal pricing for the issue

Spark’s role in the marketing process:

  • The anchor book saw a great demand, allocated between 4 FIIs and 11 Domestic investors
  • Spark procured the largest share of the FII allocation in the anchor book (~66%) and had an overall procurement of ~32% of the Anchor book (~INR 46 crore of the ~INR 143 crore book) in a three-bank syndicate
  • Spark was instrumental in soliciting interest from marquee international names like Capital World (who was also the largest anchor investor with INR 25 crores), and Goldman Sachs in the anchor book, which played a crucial part in setting the tone for the rest of the anchor book
  • In addition, Spark procured ~INR 1,570 crores (~21%) of the ~INR 7,380 crores demand of the non-anchor QIB book garnering bids of over 16 million equity shares in the non-anchor QIB book. This demand was substantially generated from a mix of Domestic Mutual Funds (LIC, Peerless), FIIs (Nomura, Malabar) and other institutional investors (Infina, Avendus, Ampersand, Unifi, ICICI Bank) in the non-anchor book thereby leading to diversification of the overall shareholder base in the main book

With this transaction, Spark has successfully consummated 3 transactions in the Equity Capital Market space in this calendar year, CY18, aggregating to ~INR 2,000 crores. This transaction also underscores Spark’s commitment to bring fully integrated and holistic financial solutions dedicated to mid-market corporates across the country.

About Prataap Snacks Limited:

Prataap Snacks Limited is one of the largest pan- Indian Snacks manufacturing company and the market leader in the Rings segment since 2015. The Company sells its products under the brand “Yellow Diamond” and has a wide range of products from Potato Chips and Extruded Snacks like Chulbule and Rings to a variety of Namkeen snacks. Since its inception, the Company has grown its footprint across 26 states in India with 3 manufacturing facility in Indore and Guwahati. The Company’s revenues have grown at a CAGR of ~27.4 % from ~INR 344 crores in FY13 to ~INR 905 crores in FY17. More information on Prataap Snacks Limited can be found at

About Spark Capital:

Spark Capital is among India’s leading midmarket investment banks, providing a full suite of services encompassing Investment Banking, Institutional Equities, Wealth Management and Structured Finance & Debt Syndication. Spark’s Investment Banking business has successfully consummated a total transaction value of close to USD 6 Bn since inception; Spark Capital’s Institutional Equities division covers over 200 stocks under research and enjoys empanelment with over 200 institutional clients across FIIs, DIIs and Family offices. Spark has offices in Bengaluru, Mumbai and Chennai. Further information is available at