Vishal Mega Mart Ltd. filed its Red Herring Prospectus (RHP) on Thursday, announcing plans to launch an Initial Public Offering (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. The Anchor Investor bid period will begin on Dec. 10, 2024.
The shares will be listed on both the National Stock Exchange and the BSE.
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.
Vishal Mega Mart, a leading fashion-focused hypermarket chain backed by Kedaara Capital and Partners Group, operates a nationwide network of stores and an online platform offering apparel, general merchandise, and fast-moving consumer goods.
Earlier in July, the Securities and Exchange Board of India returned the preliminary papers that were filed by Vishal Mega Mart Ltd. for the IPO. The regulator cited non-compliance with Regulation 7(1)(a) of SEBI (Issue of Capital and Disclosure Requirements) Regulations for returning the draft papers which marked a delay in the IPO of Vishal Mega Mart.
In the last financial year, Vishal Mega Mart's brands contributed 71.81% of its revenue from operations at Rs 6,399 crore. The revenue from operations from sales of the company's brands grew at a compound annual growth rate of 27.72% between financial years 2022 and 2024.
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