Patel Retail IPO Fully Subscribed on Day 1

New Delhi, Aug 19 (PTI) The initial public offer of supermarket chain Patel Retail Ltd got subscribed 6.39 times on the first day of bidding on Tuesday.

The three-day Rs 242.76-crore IPO received bids for 4,99,04,186 shares against 78,15,612 shares on offer, according to data available with the NSE.

Qualified Institutional Buyers (QIBs) category fetched 9.88 times subscription while the quota for non-institutional investors got subscribed 7.40 times. Retail Individual Investors (RIIs) portion received 4.93 times subscription.

Patel Retail Ltd on Monday collected over Rs 43 crore from anchor investors.

The company's IPO -- a mix of a fresh issue of 85.18 lakh shares and an offer for sale of 10.02 lakh shares of promoters -- will conclude on August 21.

The company's shares are available for subscription in the price band of Rs 237 to Rs 255 apiece.

Proceeds from the fresh issuance will be used for payment of debt, funding of working capital requirements of the company and for general corporate purposes.

Patel Retail was established in 2008, launching its inaugural store in Ambernath, Maharashtra. Since then, it has expanded its operations throughout the suburban regions of Thane and the Raigad districts in Maharashtra.

The company provides a diverse range of products including food, non-food items, general merchandise and apparel to meet the needs of families. It operates in tier-III cities and nearby suburban areas under the brand 'Patel's R Mart'.

Fedex Securities is the sole book running lead manager, and Bigshare Services is the registrar of the offer.