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News From Press 1.8 million retail applications: How the D-Mart IPO strained the system

1.8 million retail applications: How the D-Mart IPO strained the system

Source: Business Standard Mar 21, 2017

The Rs 1,840-crore initial public offering (IPO) of Avenue Supermarts, operator of retail chain, has been the most successful offering since halving of the listing timeline. The received around 1.8 million retail applications. The huge response put severe strain on the system, which included the process of uploading investor applications. Investment bankers had asked for an extra day. However, the request was not granted by the Securities and Exchange Board of India, sources said. Some of the physical applications couldn’t be uploaded in the stipulated time of two days, despite bankers working on bank holiday, sources added.

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