If being the founder of D-mart with a valuation of $6 billion just wasn’t enough, shares of his company have rallied 2.4 times over its issue price of Rs 299 since their listing. The stock soared over 13 per cent in just two sessions till Friday noon to make Damani and his family richer by Rs 4,300 crore.
In a practice that is decreasing in popularity in India every day this venture is truly a family affair. Damani’s family, including his wife and brother Gopikishan Shivkishan Damani, holds 82.2 per cent stake in Avenue Supermarts, and saw the family’s wealth soar by Rs 4,273 crore in these two days.
Financial gurus earlier had already given small investors tips to get the profit on the counter after its listing had shown much promise. However, this is beyond anything even they were able to predict as its investors are reaping the benefits of their shares to a massive extent (I kind of wish I had stuck with my Economics background right about now).The Bloomberg Billionaire index shows Radhakishan Damani as the 20th wealthiest Indian, with $4.10 billion wealth as of Friday. He is among the top 500 world billionaires.
D-Mart was founded in 2002, the supermarket retail chain is one of the most profitable foods and grocery retailer in India. Currently, the company operates in nine states and one Union Territory with a total of 118 stores. We can’t wait to see how far this success story will go. Perhaps, maybe next time we could get a tip and all become millionaires, keep the money in the food family!