Avenue Supermarts IPO likely to open on March 8

Avenue Supermarts IPO likely to open on March 8

 Avenue Supermarts, the owner of the DMart brand of stores, is likely to open its initial public offer of Rs 1,870 crore on March 8, according to the company’s red herring prospectus (RHP).

 The issue is likely to close on March 10, and the company, in consultation with the lead managers, may consider participation by anchor investors. The anchor investor bid/issue period shall be one working day prior to the bid/issue opening date, the RHP states.

The commencement of trading of the shares of the company on the stock exchanges is likely on or before March 21, 2017.

 The promoters of Avenue Supermarts include Radhakishan S Damani, Gopikishan S Damani, Shrikantadevi R Damani,  Kirandevi G Damani, Bright Star Investments, Royal Palm Private Beneficiary Trust, Mountain Glory Private Beneficiary Trust, Bottle Palm Private Beneficiary Trust, Gulmohar Private Beneficiary Trust and Karnikar Private Beneficiary Trust.

As of January 31, 2017, the company had 118 stores with retail business area of 3.59 million sq feet, located across 45 cities. Kotak Investment Banking, Axis Capital, Edelweiss Financial Services, HDFC Bank and ICICI Securities are the global co-ordinators and book running lead managers to the issue.

Inga Capital, JM Financial Institutional Securities. Motilal Oswal Investment Advisors and SBI Capital Markets are the book running lead managers to the issue while Link Intime is the registrar to the issue.

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