Vishal Mega Mart, a leading supermart chain in India, is set to launch its US $ 944 million initial public offering (IPO) on 11th December 2024. The IPO, open for public subscription until 13th December, will see anchor investor bidding commence on 10th December.
As per the company’s updated Draft Red Herring Prospectus (DRHP), the IPO is an Offer for Sale (OFS) of shares by its promoter, Samayat Services LLP, which holds a 96.55 per cent stake in the Gurugram-based retailer. Since the IPO involves no fresh equity shares, all proceeds will go to the selling shareholder.
The company filed its DRHP confidentially in July 2024, receiving approval from the Securities and Exchange Board of India (SEBI) on 25th September. Under SEBI’s confidential filing process, companies refine their filings in stages before making documents public.
Catering primarily to middle- and lower-middle-income groups, Vishal Mega Mart offers a range of products across apparel, general merchandise, and fast-moving consumer goods (FMCG). As of 30th June 2024, it operates 626 stores nationwide and provides e-commerce services via its mobile app and website.
This IPO marks a significant milestone for the company as it aims to unlock value for its shareholders while continuing its growth trajectory.
