MUMBAI: Leading supermarket player Vishal Mega Mart’s Rs 8,000 crore initial public offer will be opening on December 11.
The company is yet to announce the price band for the mega issue.
The issue is entirely offer for sale (OFS) by promoter Samayat Services, and has no fresh issue of shares, therefore, no money from the issue will go to the company, according to the final IPO papers filed with the capital market regulator Sebi on Thursday.
Currently, Samayat Services holds 96.55% stake in the Gurugram-based supermart major. Vishal offers apparel, general merchandise and fast-moving consumer goods (FMCG) categories through its 626 stores and the mobile application and website.
Vishal Mega Mart competes with Mukesh Ambani’s Reliance Retail, Tata Group’s Trent and grocery retailer Avenue Supermarts, which runs the D-Mart labelled supermatkers chain and is owned by leading stock broker Damani, among others. Vishal is among the two leading offline-first diversified retailers in terms of same-store sales growth.
The updated draft filing was filed in October after Vishal’s confidential offer document was approved by Sebi late September. The company filed its offer document in July through the confidential pre-filing route.
The retailer had strong financial performance in the past years, with consolidated net in financial year 2023-24 growing 43.8% to Rs 461.9 crore on a revenue of Rs 8,911.9 crore, a growth of 17.5% over financial year 2022-23.