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Avenue Supermarts IPO oversubscribed 5.71 times on Day 2

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The initial public offer of Avenue Supermarts, the operator of retail chain D-Mart, to raise Rs 1,870 crore was oversubscribed 5.71 times on the second day of the offer.
According to a PTI report: The IPO, the biggest since PNB Housing Finances Rs 3,000 crore offer in October last year, received bids for 25.31 crore shares against the total issue size of 4.43 crore shares, data available with the NSE till 1700 hrs showed.
The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 9.14 times and that for non institutional investors 4.97 times. Retail investors category was subscribed 4.06 times of the shares on the offer.
Avenue Supermarts on Tuesday raised nearly Rs 561 crore by allotting shares to anchor investors. The price band for the IPO, which will close on Friday, has been set at Rs 295-299.
Avenue Supermarts plans to raise Rs 1,870 crore through the IPO and the proceeds would be utilised for various purposes, including loan repayment.
Nine merchant bankers — Kotak Mahindra Capital, Axis Capital, Edelweiss Financial Services, HDFC Bank, ICICI Securities, JM Financial Institutional Securities, Inga Capital, SBI Capital Markets and Motilal Oswal Investment Advisors — are managing the offer.

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