Hello User
Sign in
Hello
Sign Out
Subscribe
Save BIG. Mint+The Economist at ₹3999Claim Now!
Next Story
Business News/ Market / Stock-market-news/  D-Mart IPO subscribed 104.5 times on final day

D-Mart IPO subscribed 104.5 times on final day

The D-Mart IPO received bids for 463.61 crore shares against the total issue size of 4.43 crore shares, as per data available with the NSE

Avenue Supermarts, the parent of D-Mart, plans to raise Rs1,870 crore through the IPO. Photo: Aniruddha Chowdhury/Mint

New Delhi: The initial public offer of D-Mart parent Avenue Supermarts to raise 1,870 crore has been subscribed a staggering 104.48 times at the end of the three-day bidding on Friday.

The D-Mart IPO, the biggest since PNB Housing Finance’s 3,000 crore offer in October last year, received bids for 463.61 crore shares against the total issue size of 4.43 crore shares, as per data available with the NSE till 1830 hrs.

The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 144.6 times and that of non institutional investors 277.74 times, sources said. Retail investors category was also oversubscribed 7.36 times. Last year, the IPO of Advanced Enzyme was oversubscribed 116 times and that of Quess Corp by 145 times. Avenue Supermarts on Tuesday raised nearly 561 crore by allotting shares to anchor investors.

The price band for the IPO has been set at 295-299.

“We expect IPO markets to remain robust as we continue to expect IPOs of companies with robust business models, strong brand recall, high corporate governance levels and stories which play on the shift from unorganized to organised segments," said Subhrajit Roy, Executive Director and Head — ECM Origination, Kotak Investment Banking. Avenue Supermarts plans to raise 1,870 crore through the IPO and the proceeds would be utilised for various purposes, including loan repayment.

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. PTI SUM MR

3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Get the latest financial, economic and market news, instantly.