D-Mart raises Rs 561 cr from anchor investors at Rs 299/share
D-Mart parent Avenue Supermarts on Tuesday said that it has raised Rs 561 crore through allotment of shares to anchor investors as part of the anchor book allocation.
D-Mart parent Avenue Supermarts on Tuesday said that it has raised Rs 561 crore through allotment of shares to anchor investors as part of the anchor book allocation. The fundraising came a day ahead of its initial public offering (IPO).
Anchor investors were allotted shares at Rs 299 a piece. The Rs 1,870-crore issue opens on March 8 and closes on 10 March in the price band of Rs 295-299 per share. The company is divesting 10 percent of its total equity shares.
The 35 investors who participated in the anchor book allocation include Smallcap World Fund, New World Fund, Fidelity, JP Morgan, T Rowe Price, HDFC Mutual Fund, ICICI Prudential Mutual Fund and SBI Mutual Fund.
Avenue Supermarts (ASL), incorporated in May 2000, offers a wide range of products with a focus on foods (53 percent of revenue), non-foods – FMCG (20 percent) and general merchandise & apparel (27 percent) product categories. These stores operate under the ‘D-Mart’ brand.
ASL operates 118 stores across 45 cities with retail business area of 3.59 million sq.ft, located in Maharashtra (59 stores), Gujarat (27), Telangana (13), Karnataka (7), Andhra Pradesh (4), Madhya Pradesh (3), Chhattisgarh (1) and NCR (1), Daman (1) and Rajasthan (2).
Majority of its stores are in western India with the company having plans of expanding its stores in other parts of the country. ASL operates 118 stores with a retail business area of 3.57 million sq. ft. with plans of adding 0.5 million sq. ft. every year.