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.

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.

Vishal Mega Mart IPO was subscribed 51 per cent on the first day of subscription, with the portion reserved for NIIs booked the highest among the three groups of 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.

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

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.