India's Avenue Supermarts opens $280m IPO

The company behind D-Mart supermarkets kicks off bookbuilding for what could be India’s largest IPO so far this year.

One of India’s most profitable retailers is ready to go public as Avenue Supermarts kicks off its Rs18.7 billion $280 million initial public offering on Wednesday.

Avenue Supermarts will no doubt hog the attention of stock market investors because it is the operating entity behind D-Mart, a well-recognised supermarket chain that operates 118 stores across nine Indian states.

Investors will also be keen to see how the stock performs after its listing since it is set to be the nation’s largest IPO this year, beating Bombay Stock Exchange's $182 million deal in January.

D-Mart is the country’s third largest retail chain by revenue, only...

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