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Indian equities have been on a rising run from the beginning of 2017 up until January 2018 with Sensex and Nifty claiming newer all-time peaks with a bunch of stocks vastly outperforming the benchmark indices.

Indian capital markets have seen a flurry of IPOs (initial public offering) in the time span of 14 months from January 2017 till now with some of the biggest public issues such as GIC’s Rs 11,370 crore issue, HDFC Life’s Rs 8,700 crore issue and the latest initial share sale of Rs 4,500 crore of Bandhan Bank of which was subscribed over 14 times in the three-day bidding process.

Amid the heady euphoria of public offers, we bring to you one such stock which has risen 350% within 1 year of its IPO to buy for steady returns.

Shares of Radhakishan Damani-led Avenue Supermarts have nearly risen 350% in only 1 year of its IPO. The stock of Avenue Supermarts had surged as much as 349% to Rs 1,342.55 from the issue price of Rs 299 offered at the time of its initial share sale. The public issue of Avenue Supermarts was subscribed over 100 times during its three-day IPO period following which the stock got a bumper opening on the stock market debut. The stock of Avenue Supermarts got doubled on the listing day only. The share price of Avenue Supermarts advanced as high as 114.58% to Rs 641.6 on NSE from an issue price of Rs 299.

The research and brokerage firm HDFC Securities given a target price of Rs 1,550 on the shares of Avenue Supermarts Ltd which implies a potential upside of 15% from its current market price. “Technical indicators are giving positive signals as the stock trades above the 13-day and 50-day SMA. Weekly momentum readings too are in rising mode and not in overbought territory,” HDFC Securities said. Shares of Avenue Supermarts have a face value of Rs 10 and are categorised under the ‘A’ group of BSE.

Avenue Supermarts successfully raised Rs 1,870 crore from its public offer concluded last year in the month of March mobilising more than Rs 1 lakh crore from its IPO. Avenue Supermarts had appointed Axis Capital Ltd, Edelweiss Financial Services Ltd, HDFC Bank Ltd, ICICI Securities Ltd, Kotak Mahindra Capital Company Ltd, Inga Capital Pvt Ltd, JM Financial Institutional Securities Ltd, Motilal Oswal Investment Advisors Pvt Ltd and SBI Capital Markets Ltd as the book running lead managers.

Last modified on Tuesday, 20 March 2018

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