Feb 06, 2013, 08.52 AM IST
The initial public offer of New Delhi-based multi-brand retail chain V-Mart Retail has subscribed 1.20 times, as per data available on National Stock Exchange website, helped by all kind of investors (retail, QIBs and HNIs).
The issue of 38.21 lakh equity shares (excluding anchor portion) received bids for 45.7 lakh shares. Maximum bids were received in the price range of Rs 195-210 as against issue price band of Rs 195-215 a share.
The reserved portion of qualified institutional investors subscribed 1.52 times, non institutional investors 1.39 times and retail investors 0.79 times.
The company primarily operates in Tier-II and Tier-III cities, with a chain of "value retail" departmental stores offering apparels, general merchandise and kirana, catering to the entire family. Its operations are spread across northern, western and eastern parts of India.
V-Mart currently owns and operates 59 stores spread across 51 cities, with a total area of 4.82 lakh square feet.
Retail chain operator already raised Rs 14.162 crore through anchor investors' portion and allocated 6,74,400 equity shares to anchor investors at a price of Rs 210 per share.
Funds raised through fresh issue are proposed to be used for opening 60 new stores, expansion of distribution centres, working capital requirements and general corporate purposes.
Anand Rathi Advisors Limited is the book running lead manager to the issue.
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