Patel Retail IPO: 6.39x subscription ahead of Day 1
Patel Retail's IPO opened to a flood of interest, getting oversubscribed 6.39 times right out of the gate.
Investors put in nearly 5 crore bids for just over 78 lakh available shares, with Qualified Institutional Buyers leading the pack—they subscribed almost 10 times their allotted quota.
Fresh issue, OFS on offer
Non-institutional and retail investors weren't far behind, subscribing at 7.4 and 4.9 times their quotas, respectively.
Before the IPO even launched, anchor investors had already pitched in over ₹43 crore.
The company is offering fresh shares plus some from promoters at ₹237-255 each, using the funds mainly to pay off debt and boost working capital.
Founded in 2008, Patel Retail runs 'Patel's R Mart' stores around Thane and Raigad in Maharashtra, selling everything from groceries to clothes—mostly serving tier-III cities.
The IPO is being managed by Fedex Securities with Bigshare Services as registrar.