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Avenue Supermarts makes stellar debut on Dalal Street

Avenue Supermarts debuted at Rs 604.40 on the BSE, up by 305.40 points or 102.14% from its issue price of Rs 299.

The scrip is currently trading at Rs 590.75, up by 291.75 points or 97.58% from its issue price. It has touched a high and low of Rs 615.00 and Rs 558.75 respectively. So far 71,73,000 shares were traded on the counter.

The offering, which was open for subscription between March 8 and March 10, was oversubscribed 104.59 times. The issue price was fixed at Rs 299 per share i.e. at upper end of price band of Rs 295-299 apiece.

The company sells products including foods, toiletries, garments, kitchenware, bed and bath linen, toys and games, stationery, home appliances and footwear. It has 112 stores in 41 cities spread across Maharashtra, Gujarat, Telangana, Andhra Pradesh, Karnataka, Madhya Pradesh, Chhattisgarh and the national capital region. As of 15 September 2016, it had 21 distribution centres and six packing centres in Maharashtra, Gujarat, Telangana and Karnataka. The foods category seems to be biggest revenue generator for the company.

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