Patel Retail IPO Subscribed 19.48 Times on Day 2

New Delhi, Aug 20 (PTI) The initial public offer of supermarket chain Patel Retail Ltd fetched 19.48 times subscription on the second day of share sale on Wednesday.

The Rs 242.76-crore IPO received bids for 15,22,78,014 shares against 78,15,612 shares on offer, according to data available with the NSE.

The category for non-institutional investors received 26.10 times subscription, while the quota for Qualified Institutional Buyers (QIBs) garnered 17.16 times subscription. Retail Individual Investors (RIIs) part got subscribed 16.55 times.

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 Thursday.

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 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.