Shares of Patel Retail Limited made a stellar debut on Tuesday, listing at ₹300 per share, a 17.6% premium over the IPO price of ₹255. Investors who received allotment in the IPO earned impressive listing gains, with retail applicants making a profit of ₹2,610 per lot, while SHNI applicants booked profits of ₹36,540 per lot. Each retail lot consisted of 58 shares, translating to ₹17,400 per lot profit on listing day.
IPO subscription and response
The ₹242.76 crore IPO saw an overwhelming response, with an overall subscription of 95.70 times. The issue received bids for 74.79 crore shares against 78.15 lakh shares on offer.
-
QIB quota: 272.43x subscribed
-
NII quota: 108.17x subscribed
-
Retail quota: 42.49x subscribed
Ahead of the IPO, the company raised ₹43.46 crore from anchor investors, including Chanakya Opportunities Fund, Maybank Securities, Beacon Stone Capital, BNP Paribas Financial Markets, Saint Capital Fund, and Pine Oak Global Fund.
Fund utilisation
Out of the total issue, ₹217.21 crore was raised via fresh issue of 85.18 lakh shares, while ₹25.55 crore came through OFS by promoters Dhanji Raghavji Patel and Bechar Raghavji Patel. Proceeds will be utilised for debt clearance, general corporate purposes, and working capital needs.
Company background
Founded in 2008, Patel Retail started its first store in Ambernath, Maharashtra, and has since expanded across suburban Thane and Raigad districts. The strong listing reflects investors’ confidence in the company’s retail expansion and growth prospects.
