Avenue Supermarts market-cap crosses Rs 1.5 lakh cr; Radhakishan Damani becomes 6th wealthiest individual in India

The market capitalisation of Radhakishan Damani-led Avenue Supermarts reportedly crossed Rs 1.50 lakh crore, a jump of 290 percent since its listing about three years ago, said news reports. Avenue Supermarts, the parent company of retail chain DMart, claimed to have overtaken Nestle and Bajaj Finserv to become India’s 18th most valuable company when its m-cap crossed Rs 1.50 lakh crore on Monday marking a jump of 290 percent, said a report in The Economic Times. [caption id=“attachment_8029911” align=“alignleft” width=“380”] File image of Radhakishan Damani. News18[/caption] After the jump in the share price, Avenue Supermarts founder Damani’s wealth soared to become India’s sixth richest person with a net worth of $11.9 billion, surpassing Gautam Adani ($10.8 billion) and Sunil Mittal ($9.6 billion), the report said. The supermarket chain had listed in March 2017 at an m-cap of Rs 39,988 crore. The Damani-promoted company’s value has gone past Nestlé India and Bajaj Finserv, reported Business Standard citing BSE data. Avenue Supermarts said it had fixed the price for its qualified institutional placement (QIP) at Rs 2,049 per share, the report said. Shares of the company ended at 2394.65 per piece, down 3.60 percent on Tuesday as compared to the previous day’s figure and the m-cap stood at Rs 1,50,330.07. In July 2018, the market valuation of Avenue Supermarts had surged past the Rs 1 lakh crore-mark in intra-day trade. In March 2017, the initial public offer (IPO) of Avenue Supermarts was launched to raise Rs 1,870 crore. The price band for the IPO had been set at Rs 295-299. As of 31 December, DMart had 196 stores with a retail floor space of 7 million sq. ft, across 72 cities and towns. — With PTI inputs