Avenue Supermarts IPO subscribed 104 times on last day

The initial public offer of Avenue Supermarts, the operator of retail chain D-Mart, saw robust investor demand and was oversubscribed 103.72 times till late afternoon trade on the last day of the offer on Friday.

The IPO, the biggest since PNB Housing Finance's Rs 3,000 crore offer in October last year, received bids for 460.22 crore shares against the total issue size of 4.43 crore shares, data available with the NSE till 1545 hrs showed.

Avenue Supermarts on Tuesday raised nearly Rs 561 crore by allotting shares to anchor investors.

The price band for the IPO 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.

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.