Kedaara-promoted supermart major Vishal Mega Mart has filed its updated draft papers with capital markets regulator SEBI for an initial public offering (IPO) of equity shares with a face value of Rs. 10 each, aggregating up to Rs. 8,000 crore through an Offer for Sale (OFS) by promoter Samayat Services LLP.
Currently, Samayat Services LLP holds a 96.55 per cent stake in the Gurugram-based supermart major.
The updated draft filing (UDRHP I) follows Vishal Mega Mart's confidential offer document, which was approved by SEBI on September 25, 2024. The company initially filed its offer document in July through the confidential pre-filing route. After incorporating changes based on public comments, the company is now updating the DRHP-II (UDRHP-II).
Vishal Mega Mart is a one-stop destination catering to middle- and lower-middle-income consumers in India. Its 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 Vishal Mega Mart stores across India, along with a mobile app and a website.
Vishal Mega Mart was ranked among the three leading offline-first diversified retailers in India, based on retail space as of March 31, 2024 (Source: RedSeer Report). It is also the fastest-growing leading offline-first diversified retailer in India, based on profit after tax growth between Financial Years 2021 and 2024, and among the top two offline-first diversified retailers in terms of same-store sales growth for Financial Year 2024 (Source: RedSeer Report).
According to the RedSeer Report, India's aspirational 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 compound annual growth rate (CAGR) of 9 per cent. The shift towards organised retail is driven by higher quality expectations, wider product assortments, better pricing (especially in FMCG), urbanisation, and opportunities for organised players to grow.
Kotak Mahindra Capital Company, ICICI Securities, Intensive Fiscal Services, Jefferies India, J.P. Morgan India, and Morgan Stanley India Company are the book-running lead managers for the issue.
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