According to stock market observers, the company’s shares are available at a premium of ₹26 in the grey market today

Vishal Mega Mart Ltd.’s $944 million initial public offering was fully sold on the second day of the sale, driven by strong demand from high-networth and retail investors.

(Reuters) -Indian budget retailer Vishal Mega Mart's 80-billion-rupee ($943 million) initial public offering (IPO) was fully subscribed on day two of bids, led by demand from non-institutional investors.

The IPO was subscribed 1.13 times, as of 2:57 p.m. on Thursday. The grey market premium of Vishal Mega Mart IPO was Rs 18 as of 1:30 p.m. on Thursday, according to InvestorGain. This implies shares of the company will likely list at Rs 96 apiece, indicating a 24% premium to the upper end of the price band.

Retail investors can bid in the IPO with a minimum lot size of 190 shares, resulting in an investment of ₹14,820. With the subscription window closing on December 13, Vishal Mega Mart is slated to finalise the allotment of shares on December 16.

By Nandan Mandayam and Kashish Tandon (Reuters) -Indian budget retailer Vishal Mega Mart's $943 million IPO was fully subscribed on the second day of bids on Thursday, though a flood of recent offerings dulled retail investors' appetite for a company analysts say is immune to its bigger rivals' problems.

Non-Institutional Investors (NIIs) have led the demand for the Vishal Mega Mart IPO, subscribing to their reserved quota 1.71 times