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Avenue Supermarts settles with stellar premium on debut

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of Avenue Supermarts settled at Rs 640.75 on BSE, a premium of 114.29% over the initial public offer price of Rs 299.

The stock debuted at Rs 604.40, a premium of 102.14% to the initial public offer (IPO) price. The stock hit a high of Rs 650 and low of Rs 558.75 intraday. On the BSE, 1.45 crore were traded on the counter.

The issue price was fixed at Rs 299 per share, the top end of the IPO price band of Rs 295 to Rs 299 per share. The IPO of Avenue Supermarts closed with strong response from investors. It was subscribed 104.59 times.

Avenue Supermarts is an emerging national supermarket chain. The company's stores operate under the "D-Mart" brand, registered as a trademark under various classes of products.

On a consolidated basis, Avenue Supermarts reported net profit of Rs 387.74 crore on net sales of Rs 8784 crore in nine-months ended December 2016.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 21 2017. 15:53 IST