emfizz.com March 23, 2017

Mart opens strong on listing day, doubles on issue price

21 March 2017, 12:09 | Jan Cross

Blockbuster debut for Avenue Supermarts, shares jump over 100 per cent

D-Mart shares to be listed on Tuesday

At 10:25am, Avenue Supermarts shares were at Rs 596, up 97 percent, with over 3.26 crore shares changing hands on BSE so far. The Music Broadcast stock was trading on Tuesday at Rs 361, nine percent above its issue price of Rs 333. The IPO received bids for 464.08 crore shares compared with 4.43 crore shares on offer. According to the reports, the serving for the Qualified Institutional Buyers was oversubscribed 144.6 times while it was 277.74 times for the Non-Institutional Investors. The issue opened for bidding on 8 March 2017 and closed on 10 March 2017. The retail individual investors (RIIs) category was subscribed 7.51 times. D-Mart's Rs 1,870 crore IPO saw high demand and was subscribed more than 104 times earlier this month.

As expected, the share price jumped to Rs.610 when it listed in both BSE and NSE and now it is in the range of Rs.580 though analysts advised sell at Rs.550 range. The net profit which was Rs 161 crore in FY 2014 went up to Rs. 319 crore in FY 2016. The shares were allotted to the anchor investors at Rs 299 per share, the top end of the IPO price band.

The majority of products stocked by Avenue Supermarts are everyday products forming part of basic rather than discretionary spending. The company's stores operate under the "D-Mart" brand, registered as a trademark under various classes of products.

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The company, founded in 2002, offers a wide range of products with focus on foods and non-foods (FMCG), general merchandise and apparels.

Link Intime India Private Limited is the registrar to the company. Avenue Supermarts raised almost Rs 561 crore by allotting shares to anchor investors. The earnings from the issue would be used in different drives such as loan repayment.

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