Vishal Mega Mart Raises Rs 2,400 Crore From Anchor Investors Ahead Of IPO Launch
The company allotted 30.76 crore shares at Rs 78 apiece to 89 anchor investors.
Vishal Mega Mart Ltd. raised Rs 2,399.99 crore from anchor investors on Tuesday, ahead of its initial public offering opening for subscription. The company allotted 30.76 crore shares at Rs 78 apiece to 89 anchor investors.
SBI Multicap Fund got the highest allocation of 6% and Government of Singapore got the second highest allotment of 5.32%. Axis Elss Tax Saver Fund and Nomura Funds Ireland Public Ltd. got a 4.17% stake.
Eighteen domestic mutual funds applied through a total of 44 schemes, the company said in an exchange filing on Tuesday. They have collectively netted 53.33% of the anchor portion.
SBI Multicap Fund, Axis Elss Tax Saver Fun, HDFC Small Cap Fund, ICICI Prudential Flexicap Fund and ICICI Prudential Innovation Fund were among the top fund houses in this category.
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 Private Ltd. are the book-running lead managers to the issue.
The hypermarket chains IPO opens for bidding on Wednesday as it aims to raise Rs 8,000 crore. It is a purely offer-for-sale issue, solely offloaded by promoter Samayat Services LLP. The maiden issue will close on Dec. 13.
The price band has been set at Rs 74-78 per share, valuing the company at Rs 35,168 crore at the upper end. Investors can bid for a minimum lot of 190 shares or multiples thereof. The shares are set to list on both the National Stock Exchange and BSE. Since the IPO is entirely an OFS, the proceeds will go directly to those selling shares.
Vishal Mega Mart, a fashion-focused hypermarket chain backed by Kedaara Capital and Partners Group, operates a pan-India network offering apparel, general merchandise, and fast-moving consumer goods. Customers can shop through its physical stores, mobile app, or website, with a primary focus on middle and lower-middle-income households.
The company features its own brands across various product categories and employs a hub-and-spoke distribution model to streamline in-store inventory management.
