Vishal Mega Mart Files For Rs 8,000-Crore IPO

Vishal Mega Mart Ltd. filed its preliminary papers with capital markets regulator SEBI on Thursday for an initial public offering. The public offer will only include offer for sale of up to Rs 8,000 crore, according to the draft red herring prospectus.

Samyat Services LLP is the only promoter offloading shares in the OFS. The company will be listed on both the National Stock Exchange and the BSE, according to the draft red herring prospectus.

Kotak Mahindra Capital Co., ICICI Securities Ltd., Intensive Fiscal Services Pvt., Jefferies India Pvt., JP Morgan India Pvt. and Morgan Stanley India Co. are the book-running lead managers for the issue and KFin Technologies will be the registrar of the issue.

Vishal Mega Mart will not receive any proceeds from the IPO as it only includes an OFS.

In July, the Securities and Exchange Board of India had returned the IPO draft documents of Vishal Mega Mart due to non-compliance with the regulation that stated that the issuer needs to make an application with one or more stock exchanges to seek an in-principle approval for listing.

Vishal Mega Mart is a fashion-led hypermarket chain, which is supported by Kedaara Capital and Partners Group. The company offers apparel, general merchandise and fast-moving consumer goods through a pan-India network and Vishal Mega Mart mobile application and website.

The company's brands contributed 74.09% to its revenue from operations for the three months period ended June 30. In the last financial year, Vishal Mega Mart's brands contributed 71.81% of its revenue from operations at Rs 6,399 crore. The revenue from operations from sales of the company's brands grew at a compound annual growth rate of 27.72% between financial years 2022 and 2024.