Mumbai: The initial public offer of V-Mart Retail Ltd has been subscribed 1.19 times.
While the qualified institutional buyers portion in the offer was subscribed 1.52 times, the non-institutional investors and retail investors segments were subscribed 1.39 and 0.79 times, respectively, the company said in a statement on Tuesday.
The New Delhi-based V-Mart Retail operates 62 value department stores offering apparel and general merchandise across 53 cities, many of them small cities and towns in northern, western and eastern India.
Ratings agency Care Ltd has given an IPO grade of 3/5 for the issue, indicating that the fundamentals of the offer are average.
The price band for the offer has been fixed at Rs.195-215 a share. The equity shares are proposed to be listed on BSE and the National Stock Exchange.
Brokerage Anand Rathi Advisors Ltd was the sole book running lead manager to the issue.