Record-Breaking IPO: Patel Retail Ltd's Astounding 95.70 Times Subscription

Patel Retail Ltd's IPO was overwhelmingly successful with a subscription rate of 95.70 times. Receiving overwhelming interest from institutional buyers, the IPO aims to utilize proceeds for debt repayment, working capital, and corporate purposes. The company operates retail stores in suburban Maharashtra under the brand 'Patel's R Mart'.

Patel Retail Ltd's initial public offering recorded an overwhelming response, being subscribed 95.70 times as the three-day event concluded on Thursday.

According to the National Stock Exchange data, the Rs 242.76-crore IPO attracted bids for over 74 crore shares against the 78 lakh shares available. Institutional buyers showed extraordinary interest, subscribing 272.43 times their allocated shares.

Proceeds from this successful offering will finance debt repayment, expand working capital, and support general corporate needs. Established in 2008, Patel Retail Ltd has grown its presence across Maharashtra, operating under the brand 'Patel's R Mart'.

(With inputs from agencies.)