The initial public offer (IPO) of Avenue Supermarts, the operator of retail chain D-Mart, was subscribed 1.22 times on the first day of the issue today.
The IPO received bids for 5,42,95,850 shares against the total issue size of 4,43,72,882 shares, as per data available with the NSE till 1630 hrs.
Avenue Supermarts on Tuesday raised nearly Rs 561 crore by allotting shares to anchor investors. The price band for the IPO, which will close on March 10, has been set at Rs 295-299.
Avenue Supermarts plans to raise Rs 1,870 crore through the IPO and the proceeds would be utilised for various purposes, including loan repayment.
The stock will be listed on both BSE and NSE.
Avenue Supermarts was incorporated on May 12, 2000 at Mumbai, Maharashtra as a private limited company under the Companies Act, 1956
35 percent of the issue size has been reserved for retail investors and 15 percent for non-institutional investors.
Currently, D-Mart operates close to 120 stores, most of them located in Maharashtra and Gujarat.
Nine merchant bankers-Kotak Mahindra Capital, Axis Capital, Edelweiss Financial Services, HDFC Bank, ICICI Securities, JM Financial Institutional Securities, Inga Capital, SBI Capital Markets and Motilal Oswal Investment Advisors-are managing the offer.
(With PTI inputs)