Patel Retail share price: Strong Start! Patel Retail shares debut at 20% premium at Rs 305
Shares of Patel Retail debuted on Tuesday with a 19.6% premium over its issue price of Rs 255. The stock listed at Rs 305 on the BSE, meanwhile, it opened at Rs 300 on NSE.
Strong subscription response
The company’s Rs 242.76 crore initial public offering (IPO) saw overwhelming demand from investors. The IPO proceeds will be used for repayment/prepayment of borrowings (Rs 59 crore), funding working capital requirements (Rs 115 crore) and general corporate purposes.
Strong subscription response
The IPO, which opened on August 19 and closed on August 21, was subscribed an impressive 95.69 times. The Qualified Institutional Buyers (QIB) portion led the demand, getting oversubscribed 272.14 times, while Non-Institutional Investors (NII) subscribed 108.11 times. The…
