Avenue Supermarts shares gain 114%

Avenue Supermarts shares gain 114%

 Avenue Supermarts, the owner of D-Mart chain of retail stores, had a stellar listing on the bourses with the company’s shares ending with strong gains of over 114%.

The company’s market capitalisation post listing stands at over Rs 40,000 crore and is now among the top 70 valuable companies in terms of market capitalisation on the bourses. Avenue Supermarts also overtook a lot of marquee names in terms of market capitalisation on its debut day itself.

The company’s market capitalisation now stands above some of the companies which have been listed on the bourses for a long time including Marico, BEL, UPL, Bank of Baroda, Idea, Sun TV, PNB and ACC. The spectacular listing also helped Avenue Supermarts founder and promoter Radhakishan Damani pip Rahul Bajaj and Anil Ambani in the billionaires list.

Shares of Avenue Supermarts opened at Rs 600 on NSE as against the issue price of Rs 299, hit a high and a low of Rs 648.80 and Rs 558.30 respectively before finally ending the day at Rs 642.05. As far as BSE is concerned, the company's shares opened at Rs 604.40 and hit a high of Rs 650 in intra-day trades. The scrip hit a low of Rs 558.75 before finally closing at Rs 640.75.

Avenue Supermarts had a price band of Rs 295-299 for its IPO which opened on March 8, and closed on March 10. The issue was subscribed nearly 106 times and had garnered nearly Rs 2 lakh crore, as against the issue size of Rs 1,870 crore.