Dec 05, 2024 08:48 PM IST
As of June 30, 2024, Vishal Mega Mart operates 626 stores across India, along with a mobile app and website.
Vishal Mega Mart, a major supermart brand, is set to launch its ₹8,000 crore initial public offering (IPO) on December 11 for public subscription.
According to the company’s red herring prospectus (RHP), the IPO will conclude on December 13 and the bidding for anchor investors will be open for a day on December 10.
According to the updated Draft Red Herring Prospectus (DRHP), the IPO is an Offer For Sale (OFS) of shares by promoter Samayat Services LLP, with no fresh issue of equity shares.
According to a PTI report, Samayat Services LLP holds 96.55 per cent stake in Gurugram-based Vishal Mega Mart.
Since the IPO is entirely an OFS, the company will not receive any funds from the issue and the proceeds will go to the selling shareholder.
Updated DRHP filed in October
The company floating an IPO files an update to the confidential DRHP (UDRHP-I) after incorporating the regulator’s comments. This UPDRHP-I is made available for public comments over 21 days.
After incorporating the changes due to public comments, the company is required to update the DRHP-II (UDRHP-II).
Vishal Mega Mart caters to middle and lower-middle-income consumers in India. The product range includes both in-house and third-party brands, covering three key categories — apparel, general merchandise, and fast-moving consumer goods (FMCG).
As of June 30, 2024, it operates 626 stores across India, along with a mobile app and website.
(With PTI inputs)
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