The initial public offering (IPO) of Vishal Mega Mart, a hypermarket chain backed by Kedaara Capital, saw a lukewarm response on its opening day.
By 10:47 AM on Day 1, NSE data revealed that the IPO had been subscribed 0.03 times, with a total bid of 2,12,44,280 shares. Despite limited interest from Qualified Institutional Buyers (QIBs), both Non-Institutional Investors (NIIs) and Retail Individual Investors (RIIs) subscribed 0.04 times each. The NIIs placed bids for 68,70,210 shares, while RIIs bid for 1,43,39,870 shares.
Vishal Mega Mart’s IPO, which opened for subscription on December 11, 2024, is an offer for sale (OFS) comprising 1,025,641,025 shares. The company aims to raise Rs 8,000 crore through this IPO, with the price band set between Rs 74 and Rs 78 per share.
The subscription window will close on Friday, December 13, 2024. Bidders can apply for the IPO in multiples of 190 shares. For retail investors, the minimum bid amount is Rs 14,820 for one lot. A retail investor can apply for up to 13 lots (2,470 shares) for a total bid of under Rs 2,00,000.
The basis for the IPO allotment will be finalized on Monday, December 16, 2024, and shares will be credited to investors’ demat accounts by Tuesday, December 17, 2024. The listing of Vishal Mega Mart’s shares on the stock exchanges is expected on Wednesday, December 18, 2024.
KFin Technologies is the registrar for the IPO, and the book-running lead managers for the issue include Kotak Mahindra Capital Company, ICICI Securities, Intensive Fiscal Services, Jefferies India, JP Morgan India, and Morgan Stanley India.
It’s important to note that the company will not receive any proceeds from the offer for sale by the promoter selling shareholder. The promoter will receive all the proceeds after covering the offer-related expenses and applicable taxes.
Vishal Mega Mart is an Indian retail chain offering a wide array of affordable products, including fashion, household goods, groceries, and general merchandise. The brand, founded in the late 1980s, primarily targets middle-class and budget-conscious customers, with over 350 stores across India. The retail chain focuses on providing value-for-money shopping experiences, offering products at competitive prices across urban, semi-urban, and rural areas.
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