MUMBAI (NewsRise) - A $280 million initial public offering from Avenue Supermarts, which runs a chain of supermarkets in 10 Indian states, was heavily oversubscribed, as investors rushed to grab a share of one of the biggest stock sales from the nation's retail sector in a decade.
The strong interest in Avenue's IPO, which was oversubscribed more than 92 times, is also a reflection of rising investor confidence in Asia's third-largest economy, where consumption expenditure is expected to double to $2 trillion by 2020. Retail consumption in India stood at $616 billion last year, of which food and groceries accounted for more than 67%, according to data from retail advisory firm Technopak Advisors.
