Vishal Mega Mart IPO Day 1: Subscription Status, GMP, and Key Details

The Vishal Mega Mart IPO, backed by Kedaara Capital, opened for subscription on December 11, 2024. By 11:27 AM on Day 1, NSE data revealed that the IPO was subscribed 0.11 times with total bids for 8,61,80,010 shares.

Qualified Institutional Buyers (QIBs) contributed minimally with bids for only 36,860 shares, while Non-Institutional Investors (NIIs) and Retail Individual Investors (RIIs) showed moderate interest, subscribing 0.15 and 0.16 times, respectively. NIIs bid for 2,46,39,580 shares, and RIIs bid for 6,15,03,570 shares.

Key Details of the IPO

The Vishal Mega Mart IPO comprises a complete Offer for Sale (OFS) of 1,025,641,025 shares, aiming to raise Rs 8,000 crore. The price band has been set at Rs 74-78 per share. The subscription window closes on Friday, December 13, 2024. Investors can apply in lot sizes of 190 shares or multiples thereof, requiring a minimum investment of Rs 14,820. Retail investors can bid for up to 13 lots, equating to 2,470 shares, within the Rs 2,00,000 cap.

IPO Timeline

The allotment of shares is scheduled to be finalized by Monday, December 16, 2024, with shares credited to investors' demat accounts by Tuesday, December 17, 2024. The listing on stock exchanges is expected to occur on Wednesday, December 18, 2024.

IPO Management and Proceeds

KFin Technologies serves as the IPO registrar, while leading financial institutions, including Kotak Mahindra Capital Company, ICICI Securities, Intensive Fiscal Services, Jefferies India, JP Morgan India, and Morgan Stanley India, are book-running lead managers. Notably, the company will not receive proceeds from the sale. The selling promoter will retain the funds after deducting offer-related expenses and taxes.

About Vishal Mega Mart

Founded in the late 1980s, Vishal Mega Mart is one of India’s leading retail chains, offering value-for-money products across categories such as fashion, household essentials, groceries, and general merchandise. With a focus on catering to middle-class and budget-conscious consumers, the brand operates over 350 stores nationwide, serving millions of customers annually.

Diverse Product Portfolio

The retail chain features a variety of products, including clothing, footwear, electronics, kitchenware, packaged foods, and personal care items. Its large-format stores, located in urban, semi-urban, and rural areas, enable the brand to penetrate diverse markets effectively.