Patel Retail IPO sees strong demand on final day of subscription, booked over 96 times - Check latest GMP

Patel Retail IPO continues to see strong subscription.

Patel Retail IPO saw robust demand on the last day of subscription on Thursday, receiving bids for 74.79 crore shares against 78.15 lakh shares on offer.

The initial public offering (IPO) of supermarket chain Patel Retail Ltd was subscribed 95.70 times, according to data available with the NSE. The Rs 242.76-crore share sale, priced in the range of Rs 237-255 apiece, closes today.

Investor categories saw strong participation, with non-institutional investors bidding 108.17 times, Qualified Institutional Buyers (QIBs) 272.43 times, and Retail Individual Investors (RIIs) 42.49 times. The company had already raised over Rs 43 crore from anchor investors.

Patel Retail IPO GMP Today News

In the grey market, Patel Retail shares are quoting at a premium of about 19 percent. Investorgain pegged the grey market premium (GMP) at Rs 48, pointing to a potential listing gain of around 18.82 percent.

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The company plans to use the proceeds from the fresh issue for debt repayment, working capital needs, and general corporate purposes.

Incorporated in 2008, Patel Retail opened its first store in Ambernath, Maharashtra, and has since expanded operations across suburban areas of Thane and Raigad districts. It operates under the brand ‘Patel’s R Mart’, offering food, non-food items, general merchandise and apparel in Tier-III and nearby suburban markets.

Patel Retail shares will be listed on the stock exchanges next week on August 26, while the allotment is expected by tomorrow on the official registrar to the issue, Bigshare Services.

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