Vishal Mega Mart has filed papers for aUS $ 952 million IPO, with a growing list of companies that are tapping into the bustling Indian capital market.
The issuance of new shares will not be involved, and Vishal Mega Mart will not receive any proceeds from the offering. Instead, the sale will be led by an existing shareholder, Samayat Services, which plans to offload its stake.
Founded in 2001, Vishal Mega Mart has now 600 stores in smaller cities that sell clothing and groceries. The company competes with Indian tycoons such as Mukesh Ambani’s Reliance, Tata Group’s Trent and grocery retailer Avenue Supermarts.
This year, the Indian stock market has seen a sharp rise, with more than 260 companies raising over US $ 9 billion, which is more than double the amount raised through IPOs in 2023, based on data from LSEG.
The supermarket chain received regulatory approval from the Securities and Exchange Board of India for its public listing last month, following a confidential filing earlier this year. The IPO will be managed by Kotak Mahindra Capital, Jefferies India, J.P. Morgan, and Morgan Stanley.
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