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Cyril Amarchand, Luthra, Herbies on $277m blockbuster D-Mart supermarkets IPO

Cyril Amarchand Mangaldas acted for Avenue Supermarts on one of the largest (Rs 1800 crore) and most oversubscribed (106 times) initial public offerings (IPOs) ever, alongside Luthra & Luthra and Herbert Smith Freehills Singapore for the banks, listing with a valuation of Rs 39,998 crore - the 67th largest Bombay Stock Exchange-listed company.

Cyril Amarchand Mangaldas partner Yash Ashar and partner Nikhil Naredi and recently announced partner Abhinav Kumar led for the company.

Luthra & Luthra partner Manan Lahoty and managing associate Ravi Dubey acted for Kotak and eight other banks involved in the deal, with Herbert Smith Freehills Singapore partners Siddhartha Sivaramakrishnan and Rohit Anand advising on non-Indian aspects.

PTI wrote in Mint:

D-Mart IPO subscribed 104.5 times on final day

The initial public offer of D-Mart parent Avenue Supermarts to raise Rs 1,870 crore has been subscribed a staggering 104.48 times at the end of the three-day bidding on Friday.

The D-Mart IPO, the biggest since PNB Housing Finance’s Rs 3,000 crore offer in October last year, received bids for 463.61 crore shares against the total issue size of 4.43 crore shares, as per data available with the NSE till 1830 hrs.

The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 144.6 times and that of non institutional investors 277.74 times, sources said. Retail investors category was also oversubscribed 7.36 times. Last year, the IPO of Advanced Enzyme was oversubscribed 116 times and that of Quess Corp by 145 times. Avenue Supermarts on Tuesday raised nearly Rs 561 crore by allotting shares to anchor investors.

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