Shopper's Stop IPO fully subscribed

Shopper's Stop IPO fully subscribed

The initial public offering of Indian retailer Shopper's Stop Ltd. was fully subscribed just over an hour after its opening on Thursday, a banker told Reuters.

The issue was bid about 1.3 times by 11:15 local time, with nearly half the bids coming in at the top end, the banker said. The issue closes on May 4.

The issue of 6.95 million shares represents 20.2 percent of the retailer's expanded equity, priced at 210 rupees to 250 rupees per share, raising up to 1.7 billion rupees ($40 million).

Scheduled to open on Wednesday, the IPO was delayed by an order of the Guwahati High Court, which was stayed by the Supreme Court later in the day. The market regulator then cleared the IPO.

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