D-Mart’s Parent Avenue Supermarts Raises Rs 561 Crore From Anchor Investors
The initial public offering will open on Wednesday.
Avenue Supermarts Ltd. which operates the D-Mart chain of retail stores, has raised Rs 560.9 crore by allocating shares to anchor investors ahead of its initial public offering (IPO) on Wednesday.
The company allocated 1.87 crore shares to 35 anchor investors at Rs 299 per share, it said in a stock exchange filing. The price band for the IPO was fixed at Rs 295-299 per share.
Smallcap World Fund Inc. and New World Fund Inc were alloted the highest portion of shares, at 7.13 percent each.
Other anchor investors include Government Pension Fund Global, Government of Singapore, Goldman Sachs, JPMorgan, Nomura Trust, DSP Blackrock, Reliance Capital and SBI Funds.
The offer will be open for public subscription between March 8 and March 10. This will be the biggest public issue since PNB Housing Finance's Rs 3,000 crore offering in October 2016.
The company will use most of the fund raised by the stake sale for repaying debt, according to its draft red herring prospectus.
As many as nine merchant bankers – Kotak Mahindra Capital, Axis Capital, Edelweiss Financial Services Ltd., HDFC Bank Ltd., ICICI Securities Ltd., JM Financial Institutional Securities Ltd., Inga Capital, SBI Capital Markets and Motilal Oswal Investment Advisors – will be managing the IPO.
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