Vishal Mega Mart Gears Up for Rs 8,000 Crore IPO: Offer for Sale to Open December 11
Vishal Mega Mart, based in Gurugram, is set to launch its first IPO, aiming to raise Rs 8,000 crore. The IPO opens on December 11 and closes on December 13, with no new shares issued, only an offer for sale by the promoter company.
The bidding window for anchor investors will begin on December 10.
Gurugram-based Vishal Mega Mart, known for its supermarts across India, is gearing up for its first IPO.
The company aims to raise Rs 8,000 crore, with the IPO set to open on December 11 and close on December 13.
The bidding window for anchor investors will begin on December 10. The IPO’s price range has not yet been revealed.
The IPO will be an offer for sale (OFS), with Samayat Services LLP, the promoter company, selling its shares. Currently, Samayat Services holds a 96.55% stake in Vishal Mega Mart. No new shares will be issued. This means all funds raised will go to the existing shareholders.
The company received approval from SEBI for the public issue on September 25 through a confidential route.
Vishal Mega Mart focuses on middle and lower-middle-class customers. It has expanded to several cities and currently operates 626 stores across India as of June 30, 2024. The company also sells products via its mobile app and website.
The stores offer a variety of in-house and third-party brands, including apparel, FMCG products, and general merchandise.
Kotak Mahindra Capital Company, ICICI Securities, Intensive Fiscal Services, Jefferies India, JP Morgan India, and Morgan Stanley India are the book-running lead managers for this public issue.
