Patel Retail shares pop 20% on debut
Patel Retail, a Maharashtra-based supermarket chain, made a strong entry into the stock market on Tuesday.
Shares opened at ₹305 on the BSE—20% above its IPO price of ₹255—and listed at ₹300 on the NSE, up 17.65%.
The IPO was a huge hit with investors, being oversubscribed 95.70 times, right in line with gray market buzz.
IPO details and company background
The IPO ran from August 19 to 21 this year, priced between ₹237 and ₹255 per share. It included new shares plus some sold by current promoters.
Patel Retail plans to use the funds for payment of debt, funding of working capital requirements, and general corporate purposes.
Founded in 2008, they now run 43 'Patel's R Mart' stores across Maharashtra and are aiming to expand even more after raising over ₹820 crore in revenue for FY25.