Patel Retail Ltd.'s initial public offering has been subscribed 95.7 times on the last day of bidding on Thursday. The IPO was subscribed 19.51 times on Day 2. It was subscribed 6.39 times on Day 1.
The company aimed 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 was between Rs 237 and Rs 255 per share.
The Patel Retail IPO was a book-building issue worth Rs 242.76 crore. The mainboard IPO comprised 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 237 and Rs 255 per share.
Subscription Status: Day Three
Patel Retail IPO has been subscribed 95.70 times as of 7 p.m. on Thursday.
Qualified Institutions: 272.43 times.
Non-Institutional Buyers: 108.18 times.
Retail Investors: 42.49 times.
Employee Reserved: 25.37 times.
IPO GMP
The grey market premium for Patel Retail IPO was Rs 50, as of 6:32 p.m. on Aug. 21, according to InvestorGain. This implies a potential listing around Rs 305 per share, marking a premium of 19.61%.
GMP or grey market price is not an official indicator and is based on market speculation.
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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