Maharashtra-based retail supermarket chain Patel Retail Ltd has set a price band 15 percent below its pre IPO round that raised in November 2024.
The price band has been set at Rs 237-255 a share for its initial public offering.
The upper band price is now below Rs 300 a share pre IPO round price, when it raised Rs 15 crore from various investors in November 2024.
The IPO will open for subscription on August 19. The anchor bidding will start on August 18, and the issue will close on August 21.
The company will finalise IPO share allotment by August 22 and will list its equity shares on the bourses effective August 26.
On the upper price band, the fresh issue size will be around Rs 217.21 crore, and the offer for sale of up to Rs 25.56 crore from its existing shareholders and promoters.
Incorporated in FY08, Patel Retail, which operates and manages 43 stores of a retail supermarket chain under the brand Patel’s R Mart in the suburban area of Thane and Raigad in Maharashtra, plans to utilise Rs 59 crore of the fresh issue proceeds for repaying debt.
Further, Rs 115 crore will be used for its working capital requirements, and the remainder funds for general corporate purposes.
Along with a retail supermarket chain, Patel Retail also exports staples, groceries, pulses, spices, and pulps, selling under the Patel Fresh & Indian Chaska brands.
The company has seen some volatility on the topline front, though there has been consistency in bottom line. Profit in the fiscal 2025 grew by 12.18 percent to Rs 25.3 crore, and revenue increased by 0.8 percent to Rs 820.7 crore compared to the previous year.
The merchant banker handling the Patel Retail IPO is Fedex Securities.
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