D-Mart IPO fully subscribed on Day 1

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Mumbai: The initial public offering (IPO) of D-Mart parent Avenue Supermarts to raise up to Rs1,870 crore ($280.32 million) was fully subscribed on the first day of the offer, exchange data showed on Wednesday.

The supermarket operator is selling shares in a range of Rs295-299 a share in an offer that closes on Friday.

Its IPO is the country’s biggest since PNB Housing Finance Ltd raised Rs3,000 crore in an initial share sale in October.

The supermarket operator operates 118 stores across 45 cities under the “D’Mart” brand.

Separately, the IPO of Music Broadcast Ltd, the operator of FM radio channel Radio City, was subscribed 27 times as of 1025 GMT on the final day of bidding.