Avenue Supermarts, the operator of retail chain D-Mart, on Tuesday raised nearly Rs 561 crore by allotting shares to anchor investors ahead of its IPO. The price band for the initial public offer (IPO) has been set at Rs 295-299.
The IPO opened today and close on March 10. The company has allotted little over 1.87 crore shares to 35 anchor investors at the upper price band of Rs 299 apiece.
It has mopped up nearly Rs 561 crore, according to a filing to the BSE.
Government of Singapore, JP Morgan, Smallcap World Fund, New World Fund, Fidelity, T Rowe Price, HDFC MF, Reliance MF, ICICI Prudential MF and SBI MF are among the anchor investors.
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-would be managing the offer.
Around 6.23 crore equity shares of Rs 10 each (face value) will be offered to the public. The issue size is worth Rs 1,865.57 crore.
The stock will be listed on both BSE and NSE.
Avenue Supermarts was incorporated on May 12, 2000 at Mumbai, Maharashtra as a private limited company under the Companies Act, 1956
35 percent of the issue size has been reserved for retail investors and 15 percent for non-institutional investors.
Currently, D-Mart operates close to 120 stores, most of them located in Maharashtra and Gujarat.
(With PTI inputs)