Vishal Mega Mart makes a move to open new retail opportunities through IPO
Punjab-headquartered Vishal Mega Mart is getting ready for its much-awaited initial public offering (IPO), which will open for bids on December 11, 2024. The IPO seeks to mop up ₹8,000 crore in a complete offer-for-sale (OFS) by its promoter, Samayat Services LLP. The Initial Public Offering price band has been set within the range of ₹74-₹78 per share. The subscription for this issue, however, shall close at the behest of December 13, 2024.
The minimum investment required is ₹14,820 for buying a minimum of 190 shares. The announcement regarding the listing date on BSE and NSE has been revealed by the company for the hypermarket chain business, which aims at participating mainly in retail.
Vishal Mega Mart: Affordable Retail Across 414 Indian Cities
Vishal Mega Mart, an Indian household name, was established in 2018. The company functions with an asset-light model where it leases stores and distribution centers.
Its products are clothes, groceries, home products, and electronic goods. It has 645 stores located in 414 cities of India. Therefore, it caters to the middle and lower-middle-class by providing affordable as well as varied products.
Vishal Mega Mart Gets ₹35,000 Cr IPO Ready for Launch
Vishal Mega Mart's successful IPO goes well with a great market presence. For the FY 2023-24, it had revenues of ₹8,945 crore and a net profit of ₹462 crore. It reported ₹5,053 crore in revenue and a net profit of ₹254 crore for the half-year ending September 30, 2024.
From 10 December, anchor investors will be able to apply. Institutional investors will receive 50% reservation; the remaining 35% allotment is to the retail investors. The share of non-institutional investors is 15%.
Vishal Mega Mart would enter the retail IPO market space in a big way as it would have a market capitalization of over ₹35,000 crore.