IPO
Patel Retail’s Rs.243-Cr IPO subscribed 24 times
The INR 243 crore Initial Public Offering (IPO) of Thane-based retail supermarket chain network operator Patel Retail was subscribed 24 times. The issue consists of a fresh issue of INR 217 crore and an Offer for Sale (OFS) of INR 26 crore. At the upper end of the price band of INR 255 per share, the company will issue approximately 95.2 lakh equity shares.Retail Individual Investors (RIIs) subscribed 20 times their allotted quota of 42.61 lakh shares, while the Non-Institutional Investors (NIIs) subscribed 38 times their quota of 23.67 lakh shares. Qualified Institutional Buyers (QIBs) subscribed 17.3 times of their reserved portion of 11.36 lakh shares.Of the proceeds, INR 59 crore will be used to repay existing debt. Another INR 109 crore will be used for meeting working capital requirements.In FY25, the company reported INR 821 crore in revenue, with a profit after tax of INR 25.3 crore and an EBITDA of INR 57.1 crore.Established in 2008, Patel Retail operates a value-focused supermarket chain primarily catering to tier-III towns and suburban markets across Maharashtra’s Thane and Raigad districts.
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