Avenue Supermarts IPO oversubscribed 1.38 times on Day One of issue

The Rs 1,870-crore initial public offering (IPO) of Avenue Supermarts was subscribed 1.38 times on Wednesday, the first day of the issue. The 44.37 million share offering has so far garnered bids for 60 million shares. The retail and institutional portion of the IPO have already been oversubscribed, while high networth individual portion has been subscribed 52%. On the first day itself, the IPO saw close to 300,000 applications. According to estimates, the IPO is likely to see huge oversubscription to the tune of 200 times. The price band for the IPO is Rs 295 to Rs 299 per share. The company on Tuesday had raised Rs 561 crore from 35 anchor investors by allotting them shares at Rs 299 apiece. The supermarket operator operates 118 stores across 45 cities under the "D-Mart" brand. Nifty Trading Tips