The qualified institutional buyer (QIB) portion was subscribed 222.1 times, the non-institutional investor (NII) portion 119.52 times while the retail investor portion was subscribed 19.21 times.
The offer consisted of a fresh issue of ₹200 crore and an offer for sale of up to 91.3 lakh shares worth ₹337 crore. The company aims to use ₹90.1 crore out of the proceeds for new stores by their subsidiaries, ₹40 crore for opening the anchor stores, ₹10 crore for renovation of the existing stores, ₹6.6 crore for capex and rest for general corporate purposes.
The company operated 38 ‘company-owned and company-operated’ stores across cities such as Bengaluru, Chennai, New Delhi, Mumbai, and Hyderabad, and also had 21 ‘franchisee-owned and franchise-operated’ stores in 11 cities across nine states and union territories across the country, as last year.
Axis Capital, ICICI Securities, JM Financial and SBI Capital Markets were the book-running lead managers for the IPO.
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