V-Mart Retail which had tapped the capital markets with a simultaneous issue and offer for sale for a combined issue of 44.96 lac shares at a price band of Rs 195-215was subscribed. The issue had opened on Friday the 1st of February and closed on Tuesday the 5th of December. The issue was to raise Rs 96.66crs from the combined issue at the upper end of the price band.

The company had earlier done a pre-IPO of 12.5 lakh shares at a price of Rs 210 and also done allocation to 2 anchor investors for 6.74 lacs at the same price of Rs 210. The company did try to create a lot of hype about the issue but failed to bring in the desired level of activity from the grey markets. The issue managed to get subscribed with the help of friendly QIB’s. The QIB portion was subscribed 1.52 times while the HNI portion was subscribed 1.39 times. The retail category remained undersubscribed and received bids for 0.79 times only. The overall subscription managed by the company on a provisional basis was 1.20 times.

The details of the subscription level in various categories are given below: –

Bids have been received at lower levels and it is a certainty that the issue would be priced no higher than Rs 210. As mentioned in the issue article, the valuations of the issue and the asking price band left nothing on the table for the investor. It would be interesting to see how the issue fares post listing.