D-Mart owner Avenue Supermarts' Rs 1,870-cr IPO to be out on 8 March

New Delhi: Avenue Supermarts, the owner and operator of supermarket retail chain D-Mart, will come out with its Rs 1,870-crore initial public offering on 8 March.[caption id="attachment_3197814" align="alignleft" width="380"] Reuters[/caption]This will be the biggest public issue since PNB Housing Finance's offering in October last year, which had garnered Rs 3,000 crore.It will be open to public subscription on 8-10 March, according to the red herring prospectus (RHP). The funds from the IPO will be utilised towards construction and purchase of fit-outs for new stores and loan repayment.The firm, valued at Rs 18,000 crore, is an emerging national supermarket chain, with focus on value-retailing.As many as nine merchant bankers -- Kotak Mahindra Capital, Axis Capital, Edelweiss Financial Services, HDFC Bank, ICICI Securities, JM Financial Institutional Securities, Inga Capital, SBI Capital Markets and Motilal Oswal Investment Advisors -- will manage Avenue Supermart's IPO.The company had filed the IPO papers with markets watchdog in September and got 'observation' from the Securities and Exchange Board of India (Sebi) on December 6, a must for any company to launch the public offer.