It's a big day for Vishal Retail after the day of huge response to its public issue. It started the day at Rs 472.50, which was below the analysts expectations of above Rs 600 but it shot up to a high Rs 809 on the BSE due to buying interest from high networth individuals and retail investors and despite flat market. On the back huge support, the stock remained above Rs 700 level through the day and hit a turnover of Rs 1,426 crore on the NSE. The management's strong confidence about opening 32 stores this year and increasing focus on the non-apparel and FMCG segment also helped the stock.

The share closed with premium of 180.74% (up Rs 488) at Rs 758 against its offer price of Rs 270, with volumes of 1,90,79,150 shares on the NSE and on the BSE, it ended at Rs 752.20, up 178.59%, with volumes of 1,14,17,790 shares.

In an interview with CNBC-TV18, R C Agarwal, Chairman of Vishal Retail, said the company is coming up with 32 stores this year. It has tied up for 5-lakh sq ft till now and is also exploring more space. The contribution of apparels is at 53%, which may come down to 50%, he added.

Vishal Retail is also exploring expansion opportunities in south India and is increasing its focus on the non-apparel and FMCG segment, he said.

The company had come out with an initial public offering, IPO of equity shares at the price band between Rs 230 - Rs 270 per equity share of Rs 10 each. The issue subscribed 81 times with the strong support from HNIs, which portion subscribed 370 times.

The company proposes to invest the proceeds of the issue to establish new retail stores. Of the total 32 stores to be set up this year, the IPO will fund for the establishment of 22 stores.