Patel Retail shares made a healthy stock market debut on August 26 to list at nearly 20 percent premium over the IPO price after the issue drew strong investor interest with 95.70 times subscription between August 19 and 21.

Shares of Patel Retail, a Mumbai-based supermarket player, were listed at Rs 300 per share on the NSE, a premium of 17.65 percent over it's issue price. The company had set a price band of Rs 237-255 per share for its issue.

On the BSE, the shares were listed at Rs 305 apiece, a premium of 19.61 percent. The company's market capitalization post listing of shares stood at Rs 1,018.72 crore

Patel Retail share listing on Tuesday was almost at par with the expectations in the grey market, which had expected more than 20 percent listing gains in the secondary market. The company had earlier collected over Rs 43 crore from anchor investors.

Proceeds from the fresh issuance will be used for payment of debt, funding of working capital requirements of the company and for general corporate purposes.

Patel Retail was established in 2008, launching its inaugural store in Ambernath, Maharashtra. Since then, it has expanded its operations throughout the suburban regions of Thane and Raigad districts in Maharashtra.

The company provides a diverse range of products, including food, non-food items, general merchandise and apparel to meet the needs of families. It operates in Tier-III cities and nearby suburban areas under the brand 'Patel's R Mart'.