D-Mart hits bull's eye on debut; founder Damani leapfrogs in rich list

Rs 40,000 cr market cap on listing day is more than the combined value of the next 3 retail giants

Avenue Supermarts, owner of retail chain D-Mart, made a historic market debut on Tuesday, with its stock gaining 114 per cent over the issue price of Rs 299 to close at Rs 641 — one of the best listing-day performances. 

The stellar debut saw the supermarket chain’s market value soar to Rs 39,988 crore, more than the combined market capitalisation of the next three big listed retailers — Future Retail, Aditya Birla Fashion and Trent.

Its founder and ace investor, Radhakishan S Damani, and his family, own an 82 per cent stake in the company after the initial public offering