Patel Retail Ltd.'s initial public offering has been subscribed 0.14 times or 14% so far on its first day of bidding on Tuesday. The company is set to raise over Rs 200 crore from the primary market. The subscription window for the IPO will remain open till Aug. 21.
The retail supermarket chain has a presence in tier-III cities. The price band for the IPO has been fixed between Rs 237 and Rs 255 per share.
The Patel Retail IPO is a book-building issue worth Rs 242.76 crore. The mainboard IPO comprises a fresh issue of 85 lakh shares, worth Rs 217.21 crore, and an offer-for-sale portion of 10 lakh shares, amounting to Rs 25.55 crore.
The allotment of shares is proposed to be finalised on Aug. 22. Shares of the company are proposed to be listed on the BSE and NSE on Aug. 26.
Fedex Securities Pvt. is the book-running lead manager and Bigshare Services Pvt. is the registrar for the issue.
IPO Details
Issue opened: Aug. 19.
Issue closes: Aug. 21.
IPO Listing Date: Aug. 26.
Issue Type: Book-building issue.
Issue Size: Rs 242.76 crore.
Fresh Issue: 85 lakh shares, worth Rs 217.21 crore.
Offer For Sale: 10 lakh shares, amounting to Rs 25.55 crore.
Price Band: Rs Rs 237 and Rs 255 per share.
Use Of Proceeds
Patel Retail Ltd. is a retail supermarket chain with over 40 retail stores. The brands owned by the company include Indian Chaska, Patel Fresh and Patel Essential.
The company will use proceeds from the IPO to clear debt, fund working capital requirements and for general corporate purposes.
Subscription Status: Day One
Patel Retail IPO has been subscribed 0.14 times or 14% as of 10:15 a.m. on Tuesday.
Qualified Institutions: nil.
Non-Institutional Buyers: 0.24 times or 24%.
Retail Investors: 0.13 times or 13%.
Employee Reserved: 0.04 times or 4%.
IPO GMP
The grey market premium for Patel Retail IPO was Rs 45, as of 9:32 a.m. on Aug.19, according to InvestorGain. This implies a potential listing around Rs 300 per share, marking a premium of 17.65%.
GMP or grey market price is not an official indicator and is based on market speculation.
Also Read: Patel Retail IPO — Should You Subscribe Or Avoid? Read Anand Rathi's Report For Key Details
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
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