Patel Retail IPO Surges with Overwhelming Demand

Patel Retail Ltd's initial public offering (IPO) has captured investor attention, with the issue being subscribed 6.39 times on the first day. Launched on Tuesday, the public offer aims to generate Rs 242.76 crore and comes on the back of strong institutional and retail interest.

According to the National Stock Exchange data, the IPO received 4,99,04,186 bids for the allocated 78,15,612 shares. Qualified Institutional Buyers (QIBs) subscribed 9.88 times, while non-institutional investors and retail individual investors achieved subscriptions of 7.40 times and 4.93 times, respectively. The company's stock has been priced between Rs 237 and Rs 255 per share.

Funds from the IPO are designated for debt repayment, working capital, and general corporate purposes. Patel Retail, established in 2008, operates its retail chains in Maharashtra's suburban areas, offering a broad range of products under the brand 'Patel's R Mart'. With Fedex Securities leading the issuance, the IPO is set to close on August 21.

(With inputs from agencies.)