D-Mart owners Avenue Supermarts, who raised an IPO of 104 times at the offer price of Rs.299 per share, listed on stock exchange at a whopping Rs.610, which is double the price and after one hour, it is still hovering around 580 range.
The issue was oversubscribed a whopping 104 times for the retail store chain with 120 stores spread over Maharashtra and Karnataka under its iconic owner Radhakishan Damani, who was able to raise easily Rs. 561 crore through allotment of shares to anchor investors ahead of the IPO, that was slated to be the highest targeted among the retail buyers.
Damani, whose reputation was hit badly when his hostile bid to takeover cigarette makers VST Industries, controlled by British American Tobacco (BAT) in 2001 turned futile. It was more than 16 years after, damani re-entered the national share markets with his own company that he had built from scratch over the last 16 years.
As expected, the share price jumped to Rs.610 when it listed in both BSE and NSE and currently it is in the range of Rs.580 though analysts advised sell at Rs.550 range.