The IPO of Patel Retail, a super supermarket chain operator, received 6.39 times subscription on the first day of bidding on Tuesday. The Rs 242.76 crore IPO received 4,99,04,186 bids for the offered 78,15,612 shares on day one, shows the NSE data
Patel Retail IPO’s Qualified Institutional Buyers (QIBs) category got 9.88 times subscription, while the category for non-institutional investors got subscribed 7.40 times. Retail Individual Investors (RIIs) portion received 4.93 times subscription.
Earlier, the Patel Retail Ltd on Monday collected over Rs 43 crore from anchor investors.
Patel Retail IPO size and price band
Ptel Retail’s IPO is a mix of a fresh issue of 85.18 lakh shares and an offer for sale of 10.02 lakh shares by promoters. The IPO will conclude on August 21.
The company’s shares are available for subscription in the price band of Rs 237 to Rs 255 apiece.
Proceeds from the fresh issuance will be used for payment of debt, funding of working capital requirements of the company and for general corporate purposes.
Fedex Securities is the sole book-running lead manager, and Bigshare Services is the registrar of the offer.
Patel Retail business portfolio
Patel Retail was established in 2008, launching its first store in Ambernath, Maharashtra. Since then, it has expanded its operations throughout the suburban regions of Thane and the Raigad districts in Maharashtra.
The company provides a diverse range of products, including food, non-food items, general merchandise and apparel to meet the needs of families. It operates in tier-III cities and nearby suburban areas under the brand ‘Patel’s R Mart’.