Radhakrishnan Damani led Avenue Supermarts which runs the D-Mart value chain, has proved a hit for equity fund managers.
In the month of March, mutual funds managed to corner 30% of the shares on offer via the IPO. Of the 62.5 million shares on sale, fund managers swiped over 19 million at an offer price of Rs 299. Major chunk of the investments were made in anchor books of the IPO.
Approximately 81 equity schemes have allotted their assets to Avenue Supermarts. Schemes which could lap up more number of these shares include HDFC Prudence, HDFC Equity, HDFC Top 200, HDFC Balanced Fund, ICICI Prudential Focused Bluechip Fund, Axis Equity Fund, ICICI Prudential Midcap Fund and Reliance Growth Fund.
No other listed retail stock has mutual fund exposure as high as Avenue Supermarts. Other retail sector mutual fund investments include Future Retail, where 32 schemes have invested Rs 427 crore; Trent, where 15 schemes have invested Rs 793 crore; and Shoppers Stop, where 12 schemes have investments worth Rs 408 crore.