(Reuters) – Indian budget retailer Vishal Mega Mart’s 80-billion-rupee ($943 million) initial public offering (IPO) was fully subscribed on the second day of bidding on Thursday.
The issue, which runs from Dec. 11-13, received bids for 801.4 million shares as compared to the 756.8 million shares on offer.
The portion for retail investors was subscribed 88%, while the non-institutional part was subscribed 2.5 times.
At the upper end of the IPO’s 74-78 rupee price band, Vishal Mega Mart is targetting a valuation of about 351.68 billion rupees ($4.14 billion).
Its shares are likely to start trading on Dec. 18. ($1 = 84.8600 Indian rupees)
(Reporting by Kashish Tandon in Bengaluru; Editing by Savio D’Souza)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibility for its content.