Vishal Mega Mart Announces Price Band For Rs 8,000-Crore IPO

Vishal Mega Mart Ltd.'s initial public offering's price band is set between Rs 74 to Rs 78 per share, as per the announcement made by the company on Friday.

The company filed its Red Herring Prospectus on Dec. 4. The company is launching the IPO with an offer for sale of up to Rs 8,000 crore. The IPO will open for subscription on Dec. 11, 2024, and close on Dec. 13, 2024.

Bids can be made for a minimum lot of 190 shares or in multiples thereof, according to the price band advertisement. The shares will be listed on both the National Stock Exchange and the Bombay Stock Exchange.

Samyat Services LLP is the sole promoter offering shares in this OFS, and Vishal Mega Mart will not receive any proceeds from the IPO, as it involves only the sale of existing shares.

The issue will be managed by book-running lead managers, including Kotak Mahindra Capital Co., ICICI Securities Ltd., Intensive Fiscal Services Pvt., Jefferies India Pvt., JP Morgan India Pvt., and Morgan Stanley India Co., with KFin Technologies serving as the registrar.

In July, the Securities and Exchange Board of India had returned the IPO draft documents of Vishal Mega Mart due to non-compliance with the regulation that stated that the issuer needs to make an application with one or more stock exchanges to seek an in-principle approval for listing.

Vishal Mega Mart is a fashion-led hypermarket chain, which is supported by Kedaara Capital and Partners Group. The company offers apparel, general merchandise and fast-moving consumer goods through a pan-India network and Vishal Mega Mart mobile application and website.