Patel Retail IPO subscribed 19 times on Day 2 - Check GMP, other key details

Patel Retail IPO continues to see robust subscription on Day 2.

Patel Retail IPO saw robust subscription on the second day of share sale on August 20 in the primary market. The initial public offer of supermarket chain got subscribed 6.39 times on the first day of bidding on Tuesday.

The three-day Rs 242.76-crore Patel Retail IPO received bids for 15.22 crore shares against 78.15 lakh shares on offer, according to data available with the NSE, translating to 19.48 times subscription.

Qualified Institutional Buyers (QIBs) category fetched 17.16 times subscription while the quota for non-institutional investors got subscribed 26.10 times. Retail Individual Investors (RIIs) portion received 16.55 times subscription.

Earlier, it collected over Rs 43 crore from anchor investors.

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The company's shares are available for subscription in the price band of Rs 237 to Rs 255 apiece.

Patel Retail IPO GMP Today Price

According to platforms tracking the grey market activities, the shares of Patel Retail are commanding a GMP of about 19 percent in the unregulated market. Investorgain quoted a GMP of Rs 49 for the shares of the company, indicating a listing gain of 19.22 percent.

Proceeds from the fresh issuance will be used for payment of debt, funding of working capital requirements of the company and for general corporate purposes.

Patel Retail was established in 2008, launching its inaugural store in Ambernath, Maharashtra. Since then, it has expanded its operations throughout the suburban regions of Thane and the Raigad districts in Maharashtra. The company provides a diverse range of products including food, non-food items, general merchandise and apparel to meet the needs of families. It operates in tier-III cities and nearby suburban areas under the brand 'Patel's R Mart'.

Shares of the company will be listed on both NSE and BSE on August 26, while the allotment is expected by August 22 on the Bigshare Services.

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