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India's Avenue Supermarts IPO fully subscribed on first day
March 8, 2017 / 10:45 AM / 9 months ago

India's Avenue Supermarts IPO fully subscribed on first day

MUMBAI (Reuters) - India’s Avenue Supermarts Ltd’s initial public offering (IPO) to raise up to 18.7 billion rupees ($280.32 million) was fully subscribed on the first day of the offer, exchange data showed on Wednesday.

The supermarket operator is selling shares in a range of 295-299 rupees a share in an offer that closes on Friday.

Its IPO is the country’s biggest since PNB Housing Finance Ltd raised 30 billion rupees in an initial share sale in October.

The supermarket operator operates 118 stores across 45 cities under the “D‘Mart” brand.

Separately, the IPO of Music Broadcast Ltd, the operator of FM radio channel Radio City, was subscribed 27 times as of 1025 GMT on the final day of bidding.

($1 = 66.7100 Indian rupees)

Reporting by Swati Bhat; Editing by Sunil Nair

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