D-Mart offer subscribed 5.8 times, brokerages bullish on Avenue Supermarts

The Rs 1,870-crore Initial Public Offer of equity (IPO) in Avenue Supermarts, owner of the D-Mart retail chain, was subscribed 5.8 times on Thursday, a day before close.

The 44 million-share offering has got bids for 253 mn shares. While the retail (meaning, non-wealthy individual) and high net worth individual (HNI) portions have been subscribed four times and five times, respectively, the institutional quota was subscribed a little more than nine times.The offering is a completely fresh issue and a price band of Rs 295 to Rs 299 a share has been fixed.

A majority of brokerages have recommended their clients subscribe