Patel Retail's Rs 242.76-cr IPO booked 95.70 times

New Delhi, Aug 21 (PTI) The initial share sale of Patel Retail Ltd was subscribed 95.70 times as the three-day IPO drew to a close on Thursday.

The Rs 242.76-crore initial public offer received bids for 74,79,89,402 shares against 78,15,612 shares on offer, according to data available with the NSE.

Qualified institutional buyers (QIBs) received a whopping 272.43 times subscription, while the quota for non-institutional investors got subscribed 108.17 times. The retail individual investors (RIIs) category received 42.49 times subscription.

Patel Retail Ltd on Monday collected over Rs 43 crore from anchor investors.

The company's IPO is a mix of a fresh issue of 85.18 lakh shares and an offer for sale of 10.02 lakh shares by promoters.

The price band for the offer is Rs 237-255 apiece.

Proceeds from the fresh issuance will be used for payment of debt, funding of working capital requirements of the company and for general corporate purposes.

Patel Retail was established in 2008, launching its inaugural store in Ambernath, Maharashtra. Since then, it has expanded its operations throughout the suburban regions of Thane and Raigad districts in Maharashtra.

The company provides a diverse range of products, including food, non-food items, general merchandise and apparel to meet the needs of families. It operates in Tier-III cities and nearby suburban areas under the brand 'Patel's R Mart'.

Fedex Securities is the sole book-running lead manager, and Bigshare Services is the registrar of the offer. PTI SUM SUM BAL BAL