D-Mart Parent Avenue Supermarts’ IPO Subscribed 106 Times As Issue Closes
The non-institutional investors category was subscribed 281.5 times.
The initial public offering (IPO) of Avenue Supermarts Ltd., the parent company of retail supermarket chain D-Mart, was subscribed 105.9 times on the third and final day of the issue on Friday.
The Rs 1,870-crore offer received bids for 463.7 crore shares, against a book size of 4.37 crore shares, stock exchange data showed.
The highest demand came from non-institutional investors as the category was subscribed 281.5 times, receiving bids for 264 crore shares. The portion reserved for institutional investors received bids for 183 crore shares and was subscribed 146.5 times.
The retail investor category was subscribed 7.36 times with bids for 16 crore shares.
The intial public offer had price band of Rs 295-299. It is the biggest public issue since PNB Housing Finance's offering in October last year, which had garnered Rs 3,000 crore.
On Tuesday, the Radhakishan Damani-backed company raised Rs 561 crore by allocating 1.87 crore shares to 35 anchor investors at the upper level of the price band.
Avenue Supermarts will use the proceeds from the stake sale to repay debt, and the remaining for maintenance and new stores, it said in its draft red herring prospectus.