Vishal Mega Mart IPO GMP Rises Ahead Of Dec. 11 Opening; Details Here

The initial public offering of Vishal Mega Mart Ltd. is set to open for bidding on Dec. 11. Ahead of the opening, the IPO has been getting a good response in the unlisted market. The issue commanded a grey market premium (GMP) of 28.85% over the upper price band.

Vishal Mega Mart IPO GMP was Rs 22.50 as of 1:0o p.m. on Dec. 10, as per InvestorGain. This projects a decent listing over the upper limit of the price band if the current premiums are sustained. The listing price of the issue is expected to be Rs 100.5 per share.

Since Dec. 5 when the shares started trading in the unlisted market, the GMP on Vishal Mega Mart IPO has risen from Rs 13.50 to Rs 25 per share.

Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.

The three-day bidding period for Vishal Mega Mart IPO will remain open between Dec. 11 and Dec. 13.

The share allotment of the issue is likely to be finalised on Monday, Dec. 16. Shares of Vishal Mega Mart are expected to be listed on BSE and NSE on Dec. 18.

Vishal Mega Mart's IPO price band is set at Rs 74 to Rs 78 per share. The minimum investment is Rs 14,820 for each application, with retail investors having to apply for at least 190 shares in each lot.

The IPO is an entirely offer-for-sale issue of 102.56 crore shares worth Rs 8,000 crore.

The company has appointed Kotak Mahindra Capital Company Ltd., ICICI Securities Ltd., Intensive Fiscal Services Private Ltd., Jefferies India Private Ltd., JP Morgan India Private Ltd. and Morgan Stanley India Company Pvt Ltd as the book-running lead managers for the issue. KFin Technologies Ltd. is the registrar for the offer. 

Use of Proceeds

Since the entire issue is an offer-for-sale, the company will not receive any proceeds from the IPO.

About Vishal Mega Mart Ltd.

Hypermarket chain Vishal Mega Mart sells products including apparel, electronics, and groceries. and home essentials. With a pan India network of 645 Vishal Mega Mart stores, the company’s target customers include middle and lower-middle-income individuals. As of September 30, the company was present in 414 cities across 28 states and two union territories.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.