Patel Retail Share Price: Shares of Patel Retail Ltd made a strong debut on Tuesday, listing with a premium of 20% over its issue price of Rs 255 per share.
The stock was listed at Rs 305 on the BSE, while it opened at Rs 300 on the NSE, signalling a positive response from the market.
The company recently concluded its Rs 242.76 crore initial public offering (IPO), which witnessed overwhelming demand from investors across categories.
The IPO was subscribed 95.70 times when it closed on Thursday. According to data available with the NSE, the public issue received bids for 74,79,89,402 shares as against 78,15,612 shares on offer.
Patel Retail IPO Details
The subscription numbers reflected strong interest from institutional as well as retail investors. The quota reserved for qualified institutional buyers (QIBs) was subscribed to 272.43 times, while the non-institutional investor segment recorded a subscription of 108.17 times.
The retail individual investor (RII) category also saw robust participation, with the portion being subscribed to at a rate of 42.49 times.
Ahead of the IPO, Patel Retail Ltd collected over Rs 43 crore from anchor investors on Monday, which added to the momentum of the share sale.
The issue comprised a fresh issue of 85.18 lakh shares and an offer for sale of 10.02 lakh shares by promoters. The price band for the IPO was fixed between Rs 237 and Rs 255 per share.
Proceeds from the fresh issue will be utilised for repayment or prepayment of borrowings amounting to Rs 59 crore, funding working capital requirements of Rs 115 crore, and meeting general corporate purposes.
Patel Retail Company Profile
Patel Retail, established in 2008, opened its first store in Ambernath, Maharashtra. Since then, the company has expanded across the suburban regions of Thane and Raigad districts in the state.
The retailer operates under the brand name ‘Patel’s R Mart’, offering a wide range of products including food, non-food items, general merchandise, and apparel. The company focuses on catering to families in Tier-III cities and nearby suburban markets.
FedEx Securities acted as the sole book-running lead manager for the IPO, while Bigshare Services was appointed as the registrar to the issue.