Avenue Supermarts turns 18th most valued firm in India, pips Bajaj Finserv & Nestle India in market value

Avenue Supermarts, the operator of the retail chain DMart, market capitalisation on Monday crossed Rs1.5-trillion (Rs 1.50 lakh crore) mark after an 8.63 per cent surge in its stock prices.

Shares of the company have jumped nearly 16 per cent to Rs 2,484 in the past 10 sessions till February 10. Shares of the company ended at Rs 2,484 on Monday. Avenue Supermarts had got listed on the bourses on March 21, 2017, and since then its shares have zoomed over 280 per cent.

With this, the Radhakishan Damani-promoted company turns 18th most valuable company on Bombay Stock Exchange (BSE) in terms of market capitalisation. In the process, it has piped Nestle India and Bajaj Finserv which are at 19th and 20th position respectively. Last week, DMart had entered the list of top 20 most valued companies by market capitalisation on BSE, replacing Wipro.

Qualified Institutional Placement (QIP) offer

The Avenue Supermarts earlier on February 5, 2020, launched a qualified institutional placement (QIP) offer to raise up to Rs4,098 crore. On Monday it fixed the price for its QIP at Rs2,049 apiece. The company will use the money to expand its store network, invest in supply chain and repay loans.

Avenue Supermarts'

Mumbai-based Avenue Supermarts owns and operates the DMart supermarket chain. The company opened its first store in Mumbai in 2002. As of December 31, 2019, the company had 196 stores with retail business Area of 6.97 million square feet. The company is the most profitable grocery retailer in India, at present, and it offers low prices to customers through its stores.