Patel Retail IPO Allotment Finalized, Shares to List on August 26 with 20% GMP
Patel Retail, a supermarket chain operator, has completed the allotment process for its Rs 242.76 crore IPO. The IPO was oversubscribed 95.69 times overall, with QIBs showing the highest interest at 272.14 times. The price band was set at Rs 237-255 per share. The Grey Market Premium stands at approximately 20%. Shares will be credited to successful allottees by August 25, with the stock set to list on BSE and NSE on August 26. Patel Retail operates 43 supermarket stores in Maharashtra and Gujarat, reporting a profit of Rs 25.28 crore and revenue of Rs 825.99 crore.
*this image is generated using AI for illustrative purposes only.
Patel Retail, a supermarket chain operator, has concluded the allotment process for its Initial Public Offering (IPO) worth Rs 242.76 crore. The company's shares are set to debut on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on August 26.
IPO Details and Subscription Status
The IPO, which was open for subscription from August 19 to August 21, witnessed robust demand across investor categories:
| Category | Subscription (times) |
|---|---|
| Overall | 95.69 |
| Qualified Institutional Buyers (QIBs) | 272.14 |
| Non-Institutional Investors (NIIs) | 108.11 |
| Retail Investors | 42.55 |
The issue comprised a fresh issue of Rs 217.21 crore and an offer for sale of Rs 25.55 crore. The price band was set between Rs 237-255 per share, with a lot size of 58 shares.
Grey Market Premium and Allotment
On the day of allotment, the Grey Market Premium (GMP) for Patel Retail stands at approximately 20%, indicating positive sentiment among investors.
Investors can check their allotment status through the websites of Bigshare Services, the registrar to the issue, and the National Stock Exchange (NSE). The application status can be verified using either the PAN or application numbers.
Key Dates for Investors
- Share Crediting: Successful allottees will receive shares in their demat accounts by August 25
- Refund Processing: Refunds for unsuccessful applicants will be processed on the same day
About Patel Retail
Patel Retail operates a network of 43 supermarket stores across Maharashtra and Gujarat, with a focus on tier-III cities. The company has reported strong financial performance:
- Profit After Tax: Rs 25.28 crore, representing a 12% year-on-year increase
- Revenue: Rs 825.99 crore
Conclusion
The strong oversubscription across all investor categories and the positive GMP suggest considerable interest in Patel Retail's public offering. Investors and market watchers will be keenly observing the stock's performance when it lists on August 26.
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