Mumbai, March 21 (IANS) Market investor R.K. Damani-led retail store chain Avenue Supermarts, commonly known as D-Mart, witnessed more than 100 per cent return on its debut on the domestic bourses on Tuesday.
The scrip of the company opened at Rs 604.40 per share on the BSE — more than 100 per cent premium over its issue price of Rs 299 apiece.
It closed with gains of 6.01 per cent at Rs 640.75 per share, which accounted for a gain of 114.30 per cent from its issue price.
“D-MART witnessed blockbuster opening and continued to trade higher throughout the session. Against issue price of Rs 299, it opened at around Rs 600 and continued gain till intra-day high of Rs 648.90,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
“More than 100 per cent return was seen in the stock. It sustained the gains till the end of the trading session.”
Jimeet Modi, Chief Executive of SAMCO Securities, in a note said: “This listing will certainly qualify as the biggest listing of recent times in subscription and listing gains terms.”
“We can make a conclusion after looking at the facts of this initial public offering (IPO) that broader trend of the market is very much intact and more northwards and investors are ready to pay premium for quality.”
On March 8, the IPO of the retail chain was oversubscribed by 104.59 per cent.