Billionaire Radhakishan Damani-promoted Avenue Supermarts, which runs the D-Mart retail chain has topped the Rs 1 lakh crore mark in market capitalisation. The stock, which listed on the exchanges less than 15 months ago in March-17, hit a record high of Rs 1,619.95 yesterday, taking its market value to Rs 1.01 lakh crore. Notably, ever since its IPO in March-17, Avenue Supermarts' shares have been on a rising spree, multiplying shareholders\u2019 wealth by more than 5 times in just 15 months. We take a closer look at its journey since its IPO. Blockbuster IPO D-Mart shares had a blockbuster IPO, as the shares listed at Rs 603, as against the issue price of Rs 299, despite a few brokerages advising investors to stay neutral on the issue given rich valuations. Many analysts had also praised the company\u2019s business model, and hence the growth it offers to the investors. Following stellar gains after listing, market voices had pointed out to D-Mart\u2019s overvaluation. The continued rise Even after the blockbuster IPO, D-Mart share continued to soar unabated. In September-17, the shares hit the Rs 999 mark, causing a buzz in the markets. The stock has more than tripled investor wealth is just over five months as compared with the issue price of Rs 299. Jonathan Schiessl, the chief investment officer at Ashburton Investments said then that he initially felt that the company was overvalued. Jonathan Schiessl told CNBC TV18, \u201cWe did a lot of work on that and decided to stay away. The valuation just kept us away. Sometimes you just need to bite the bullet.\u201d Goldman Sachs initiates coverage In late September, global financial services conglomerate Goldman Sachs initiated coverage on Avenue Supermarts, with a target price of Rs 1,586, implying an upside of more than 50% from the share price at that time. Goldman Sachs believes that EBIT of the company is likely to grow 13 times in the next 10 years. It also added Avenue Supermarts to conviction list. Latest Q4 results Avenue Supermarts reported a net 73% on-year rise in net profit to Rs 167 crore for the January-March 18 period. \u00a0However, these results were seen to be below market expectations, and the shares plunged as much as 4% the following day. "D-Mart 4QFY18 net profit of Rs 1.7 billion was below estimates due to slower-than-expected revenue growth of 22.5 per cent year on year and lower margins," brokerage firm Kotak Securities said in a report. What mcap of Rs 1 lakh crore means With this feat, the veteran investor Radhakishan Damani becomes the ninth richest Indian and Avenue Supermarts becomes the 29th largest firm in terms of market value. It is the only retail chain among the top 30 companies. At present, Damani has a net worth of $9.2 billion, according to the Bloomberg Billionaire Index. As of March 2018, Damani personally held a 39.41% stake in Avenue Supermarts, according to data sourced from Captaline. However, the company announced promoter Damani\u2019s intention to sell up to 1 per cent of the total paid up equity share capital of the company aggregating to 62,40,844 shares in order to comply with minimum shareholding requirements. The statement said that the share sale will be in the period beginning from May 21 to June 14 or the actual date of completion of sale of all equity shares, whichever is earlier. Avenue Supermarts shares were trading at Rs 1,600.95 on BSE this afternoon.