Vishal Mega Mart Targets ₹8,000 Cr with SEBI-Approved IPO: Shares Up for Grabs in Major OFS

Vishal Mega Mart, a large supermart chain, has filed updated papers with SEBI (Securities and Exchange Board of India) for an upcoming Rs 8,000-crore Initial Public Offering (IPO). The IPO will be an offer-for-sale (OFS) by its promoter, Samayat Services LLP, which currently holds a 96.55% stake in the company. Since it’s an OFS, Vishal Mega Mart will not receive any money from the sale of shares—the funds will go to the selling shareholder.

This updated filing follows SEBI’s approval of Vishal Mega Mart’s confidential offer document on September 25. The company had originally filed its offer document confidentially in July. SEBI reviews these confidential documents and provides feedback. Once changes are made, the company submits an updated document, which is then open for public comments before the final version is released.

Vishal Mega Mart is a popular shopping destination for middle- and lower-middle-income consumers in India. It sells a variety of products, including clothes, household items, and fast-moving consumer goods (FMCG). As of June 30, 2024, Vishal Mega Mart has 626 stores across India and also operates online through a mobile app and website.

A report from Redseer shows that India’s retail market was valued at Rs 68-72 trillion in 2023 and is expected to grow to Rs 104-112 trillion by 2028. This growth is driven by the shift toward organised retail, which offers better quality, pricing, and a wider range of products, particularly in FMCG.

The book-running lead managers for the IPO are Kotak Mahindra Capital Company, ICICI Securities, Intensive Fiscal Services, Jefferies India, J.P. Morgan India, and Morgan Stanley India Company.