Stellar debut for D-Mart operator Avenue Supermarts; shares jump over 100%

The IPO was subscribed more than 104 times earlier this month

Shares of Avenue Supermarts made a stellar debut on the bourses on Tuesday, surging up to 102 per cent against the issue price of Rs 299.

The stock listed at Rs 604.40, registering a sharp gain of 102.4 per cent over the issue price on BSE. It later soared 105.68 per cent to Rs 616.25.

At NSE, shares of the company opened at Rs 600, up 100 per cent.

The company, which recently concluded its Rs 1,870-crore initial public offering (IPO), commands a market valuation of Rs 37,198.56 crore.

On the volume front, 80.93 lakh shares of the company were traded on BSE and over 4 crore shares changed hands at NSE during the morning trade.

The IPO, the biggest since PNB Housing Finance's Rs 3,000 crore offer in October last year, was subscribed more than 104 times earlier this month.

The price band for the public issue of Avenue Supermarts, the operator of retail chain D-Mart, was fixed at Rs 295-299 and the IPO was open for subscription during March 8-10.