MUMBAI (Reuters) – Shares of India’s Avenue Supermarts Ltd more than doubled in their trading debut on Tuesday, after an initial public offering that raised 18.7 billion rupees ($ 285.85 million).
The supermarket operator’s shares were trading at 575.05 rupees by 0432 GMT on the National Stock Exchange, having risen to as high as 616.25 rupees in early trade, compared with their issue price of 299 rupees.
The IPO had been oversubscribed 106 times with strong demand from institutional and retail investors.
($ 1 = 65.4200 Indian rupees)
(Reporting by Swati Bhat; Editing by Devidutta Tripathy)
