Patel Retail IPO: Here’s The Listing Date And Latest GMP Ahead Of Market Debut This Week

The initial public offering (IPO) of Patel Retail Ltd. is set to debut on the BSE and NSE on August 26. Ahead of its listing, the mainboard IPO has seen a strong grey market premium (GMP).

The Patel Retail IPO saw a strong investor response, according to NSE. On the third and final day of bidding on August 21, the issue was oversubscribed 95.70 times, with investors applying for 74.80 crore shares against 78.16 lakh shares on offer. Allotment of shares was finalised on August 22.

The grey market premium (GMP) for Patel Retail IPO stood at Rs 48 as of 11:00 am on August 25. Based on the upper end of the IPO’s price band of Rs 255, the shares are expected to list at around Rs 303 (Rs 255 + Rs 48), indicating a potential gain of nearly 18.8% per share.

The GMP has remained more or less constant after the public issue opened for subscription on August 19. The highest GMP recorded for Patel Retail IPO was Rs 50 when the IPO concluded its subscription on August 21.

Note: GMP is not an official source of data and is based on speculation. GMP data sourced from InvestorGain.

Patel Retail Ltd. plans to use the proceeds from its IPO primarily to repay or prepay certain borrowings, meet its working capital requirements and support general corporate purposes.

The Patel Retail IPO is a book-built issue of Rs 242.76 crore. The offer included a fresh issue of 85 lakh shares, amounting to Rs 217.21 crore, and an offer-for-sale component of 10 lakh shares worth Rs 25.55 crore. The price band for the IPO was set between Rs 237 and Rs 255 per share.

Among the various investor categories, Qualified Institutional Buyers (QIBs) showed the strongest demand, subscribing 272.43 times their allotted quota. Non-Institutional Investors (NIIs) followed with a subscription of 108.17 times, while the retail investor portion was booked 42.49 times. The employee quota also saw strong interest, being oversubscribed 25.37 times.

Fedex Securities Pvt. Ltd. is the book-running lead manager for the Patel Retail IPO, while Bigshare Services Pvt. Ltd. is the registrar for the issue.

Patel Retail Ltd. was incorporated in 2008 and operates as a retail supermarket chain with a focus on tier-III cities and nearby suburban locations. Its stores stock a mix of food, non-food FMCG products, general merchandise and apparel. The company began operations with its first outlet under the brand ‘Patel’s R Mart’ in Ambernath, Maharashtra. As of May 31, it manages 43 stores across the suburban areas of Thane and Raigad districts in Maharashtra.

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.