Excellent retail and employee participation, apart from QIBs and NRIs
MUMBAI, Aug 21 (The CONNECT) – The Initial Public Offering of Patel Retail was subscribed 95.7 times today, the final day of bidding.
The issue received bids of 74,79,89,402 against the offered 78,15,612 equity shares at a price band of Rs 237-255, according to data available on the stock exchanges.
Qualified Institutional Investors was subscribed 272.43 times and Non-institutional portion were subscribed 108.18 times respectively. Retail Portion was subscribed 42.49 times and Employee Portion was subscribed 25.37 times.
Fedex Securities Private Limited is the sole book-running lead manager, and Bigshare Services Private Limited is the registrar of the Offer.
Company Information
Patel Retail Limited was incorporated in June 13, 2007, primarily engaged as a retail supermarket chain operating in tier-III cities and nearby suburban areas, with focus on “value retail”, offering food, non-food (FMCG), general merchandise and apparel. It started its first store under the brand “Patel’s R Mart” at Ambernath, Maharashtra and since, its operations are spread across the suburban area of Thane and Raigad district in Maharashtra. As on May 31, 2025 it operated and managed forty-three (43) stores, with a Retail Business Area of approx. 1,78,946 sq.fts.
The Company with an objective to increase margin and to promote its brand “Patel’s R Mart”, it launched its private label goods comprising of Pulses (“Patel Fresh”), spices (“Indian Chaska”), mens wear (“Blue Nation”), home improving products (“Patel Essentials”), ready-to-cook / instant mix (“Patel Fresh”), ghee and papad (“Indian Chaska”). Since 2008, it has increased its store offerings with 38 product categories and over 10,000 product SKUs. It exports it to over thirty-five (35) countries during the disclosed financial period
Its retail stores sell third party reputed brand products, unbranded products and its private label products. It plans to deepen its store network in the western suburban area of the MMR such as Mira Road, Bhayander, Virar, Vasai and also in the municipal region of Pune, Maharashtra. It operates predominantly on lease model, where our average lease period is around 5 years.
The company has its mobile application “Patel’s R Mart” both on IOS and android with over 86,000+ downloads with over 17,000 active users.
Patel Retail’s revenue from operations increased to ₹820.69 crore in Fiscal 2025 from ₹814.19 crore in Fiscal 2024, primarily due to primarily due to an increase in Sale of retail sale attributable to increase in sale volumes from existing stores. Profit after tax increased by 12.18% from ₹22.53 crore in Fiscal 2024 to ₹25.28 crore in Fiscal 2025.
The Offer is being made through the book-building process, wherein not more than 30% of the net issue shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 25% of the offer shall be available for allocation to non-institutional investors, and not less than 45% of the offer shall be available for allocation to retail individual investors.
The table below shows subscription data for all the categories of investors:
| Patel Retail Limited
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| Sr.No. | Category | No.of shares offered / reserved | No. of shares bid for | No. of times of total meant for the category |
| 1 | Qualified Institutional Buyers (QIBs) | 11,36,312 | 30,95,62,472 | 272.43 |
| 1(a) | Foreign Institutional Investors (FIIs) | – | 4,57,97,322 | – |
| 1(b) | Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | – | 17,76,59,684 | – |
| 1(c) | Mutual Funds | – | 21,518 | – |
| 1(D) | Others | – | 8,60,83,948 | – |
| 2 | Non Institutional Investors(NIIS) | 23,67,250 | 25,60,77,192 | 108.18 |
| 2.1 | Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | 15,78,167 | 16,12,13,552 | 102.15 |
| 2.1(a) | Corporates | – | 23,71,446 | – |
| 2.1(b) | Individuals (Other than RIIs) | – | 15,17,73,704 | – |
| 2.1(c) | Others | – | 70,68,402 | – |
| 2.2 | Non Institutional Investors(Bid amount of more than Two Lakh Rupees and upto 10 lakh rupees) | 7,89,083 | 9,48,63,640 | 120.22 |
| 2.2(a) | Corporates | – | 3,70,910 | – |
| 2.2(b) | Individuals (Other than RIIs) | – | 9,02,41,910 | – |
| 2.2(c) | Others | – | 42,50,820 | – |
| 3 | Retail Individual Investors (RIIs) | 42,61,050 | 18,10,55,932 | 42.49 |
| 3(a) | Cut Off | – | 14,77,40,790 | – |
| 3(b) | Price Bids | – | 3,33,15,142 | – |
| 4 | Employee Reserved | 51,000 | 12,93,748 | 25.37 |
| 4(a) | Employee (Cut off) | – | 10,65,982 | – |
| 4(b) | Employee (Price) | – | 2,27,766 | – |
| 5 | Reservation PortionShareholder | – | – | – |
| 5(a) | RPS (Cut off) | – | – | – |
| 5(b) | RPS (Price) | – | – | – |
| Total | 78,15,612 | 74,79,89,344 | 95.70 | |
