Here’s how R Damani’s pipped Anil Ambani, Rahul Bajaj on the billionaire list

Radhakishan Damani, who is also known as mentor to top stock market investor Rakesh jhunjhunwala, has pipped Anil Ambani, Anil Agarwal and Rahul Bajaj on the billionaire list.

Damani’s net worth touched $6 billion and how. The impressive listing of Avenue Supermarts, promoters of supermarket chain D-Mart, pushed promoter Damani ahead on the billionaire list.

Bajaj’s net worth is $3.5 billion, while Anil Agarwal’s touched $3 billion and Anil Ambani $2.7 billion.

Avenue Supermarts broke the ceiling as its issue price touched 111%, pegging the market-cap of the company at Rs 39,300 crore.

This was the biggest listing gains by any firm in last decade.

Damani and family - including Gopikishan S Damani, Shrikantadevi R Damani and Kirandevi G Damani - had about 91 per cent stake, or 512,910,000 shares, in the retailing company (including the family's stake in trusts) before the issue.

The recently concluded IPO comprised entirely of fresh issue of shares. With that, the promoter group holding was to come down to about 82 per cent, which at Tuesday's trade amounted to Rs 32,000 crore.

This is $4.8 billion at 66 per dollar level. Forbes pegged Damani's wealth at $2.3 billion as of Monday.