Maharashtra based supermarket chain Patel Retail Limited files DRHP for IPO
₹10 per equity share, is a mix of fresh issue of shares of up to 90.18 lakh and an offer for sale of up to 10.02 lakh equity shares by Promoter Selling Shareholders. The sale offer comprises up to 7.68 lakh equity shares by Dhanji Raghavji Patel and up to 2.34 lakh equity shares by Bechar Raghavji Patel, with a provision for eligible employees to subscribe.
Also read: IPO Watch: Rays Power Infra raises ₹54 crore via pre-IPO placement Additionally, the company, in coordination with the book-running lead manager, may explore issuing up to 5 lakh equity shares through private placement, preferential allotment, rights issue, or other methods, referred to as a "pre-IPO placement." Should such placement occur, the size of the fresh issue will be adjusted accordingly. The offer follows a book-building process, with no more than 50% of the net offer available for allocation to qualified institutional buyers, at least 15% for non-institutional investors, and a minimum of 35% for retail individual investors.
Proceeds from the fresh issuance, amounting to ₹60 crore, will be utilized to repay/prepay certain borrowings, ₹115 crore will be allocated to fund working capital requirements, and the remainder will be earmarked for general corporate purposes. Fedex Securities Private Limited is the sole book-running lead manager, and Bigshare Services Private Limited is the registrar of the issue.
Over the years, Patel Retail has evolved into a notable presence in the value retail industry, overseeing one of the most extensive arrays of stores within the Mumbai Metropolitan Region (MMR), as highlighted in a D&B Report referenced in the DRHP. By December 31, 2023, the company had established and supervised thirty-one (31) stores,
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