Mar 21, 2017 02:51 PM IST | Source: Moneycontrol.com

Century on debut: No other IPO comes anywhere close to D-Mart's 102% listing gain

Apart from listing of small cap company Max Alert Systems (issue size of Rs 8 crore), D-Mart is only one that has listed at a premium of over 100 percent.

Century on debut: No other IPO comes anywhere close to D-Mart's 102% listing gain
Sidhartha Shukla

Moneycontrol News

The highly anticipated initial public offering (IPO) of Avenue Supermarts Ltd's, operator of D-Mart brand of stores, saw a stellar listing on Indian bourses today.

The scrip opened at Rs 604.40, a gain of 102 percent over its offer price of Rs 299 at the BSE.

This is a record opening for an IPO of Avenue's size--Rs 1870 crore-with no other IPO of a similar size coming anywhere close.

Max Alert Systems  is the only other IPO to have given a 100 percent return on listing. However, the gains are not strictly comparable given that Max's issue size was just Rs 8 crore.

 

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Among the big ticket IPO's, Power Grid (issue size of Rs 2984 crore) listed at 63 percent higher than its offer price and Mundra Port (issue size of Rs 1771 crore) was up 75 percent.

The Rs 1,870 crore Avenue Supermart issue received aggressive bids by retail and institutional investors alike and was oversubscribed 104 times and at the end of its three day bidding.

Backed by legendary investor Radhakishan Damani, the chain of retail stores has outperformed most peers by quite some margin.

D-Mart has chain of around 120 retail stores, with most of them being in Maharashtra and Karnataka. For the first nine months of FY17 the company's revenues from operations stood at Rs 8,780 crore while its profits for the same period were Rs 387 crore.

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