Vishal Mega Mart IPO:  Supermart major Vishal Mega Mart is to float its Rs 8,000 crore initial share offering (IPO) on December 11. The initial share sale will remain open for public subscription till December 13 and the bidding for anchor investors will be available on December 10 for a day, according to Red Herring Prospectus.

The updated draft Red Herring Prospectus (UDRHP) states that the proposed IPO's sale (OFS) of Services LLP is not a fresh issue of equity shares.
Samayat Services LLP currently owns a 96.55 per cent interest in the Gurugram-based supermarket giant. Because the IPO is entirely OFS, the company will not receive any proceeds from the issue, and the proceeds will go to the selling shareholders.

Draft Papers were filed in October

The updated draft was submitted in October after SEBI authorized the giant mega mart's confidential offer document on September 25. The company submitted offer documents in July via a confidential pre-filing route.

Under the confidential submission process, SEBI reviews the confidential HP and submits comments. The company, which will subsequently go public, must file an update to the confidential HP (UDRHP-I) after incorporating the regulator's comments. This UPDRHP-I is made available to the public for comment within 21 days.
Finally, the Company must update the HP-II (EDRHP-II) after incorporating the changes made as a result of public comment. Vishal Mega Mart is a one-stop destination for middle and lower-middle-income consumers in India.

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The product range includes both in-house and third-party brands, covering three primary categories: apparel, general merchandise, and fast-moving consumer goods (FMCG).

About Vishal Mega Mart

As of June 30, 2024, it operates 626 Vishal Mega-Mart stores throughout India, as well as a mobile app and website.

According to the Redseer report, India's aspiring retail market was valued at Rs 68-72 trillion in 2023 and is projected to reach Rs 104-112 trillion by 2028, growing at a CAGR of 9%. This shift toward organized retail is being driven by higher quality expectations, a wider range of products, better pricing (particularly in FMCG), urbanization, and growth possibilities for organized players.

Kotak Mahindra Capital Company, Intensive Fiscal Services, Jefferies India, ICICI Securities. JP Morgan India, Morgan Stanley India Company is the lead manager running the books on the subject.

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(With Inputs From Agencies)