Avenue Supermarts, the operator of supermarket retail chain D-Mart, more than doubled on debut on hefty buying by investors. The stock listed at Rs 604.4 on the Bombay Stock Exchange, up 102 percent over issue price of Rs 299.
Investors earned huge returns on their money invested in the issue. One lot of 50 shares at issue price of Rs 299 cost Rs 14,950 for an investor. At listing price of Rs 610, the total value of investment jumped Rs 30,500.
Hence, investor having one lot earned solid returns of Rs 15,550 (excluding brokerage charge).
The stock touched an intraday high of Rs 615 (up 105.68 percent) and low of Rs 558.75 (up 86.87 percent) after opening.
The public issue, which received bids worth Rs 1.38 lakh crore against an issue size Rs 1,326.70 crore (excluding the portion of anchor investors), was oversubscribed 104.59 times.
The Rs 1,870 crore IPO of Avenue Supermarts was open for subscription during March 8-10 and the price band was at Rs 295-299 per share.
The IPO was the biggest since PNB Housing Finance's Rs 3,000 crore offer in October last year.Also Read: How D-Mart owner Damani made 1,800% gains from a cigarette stock