Vishal Mega Mart’s Rs 8,000-crore IPO to open on December 11

MUMBAI: Leading supermarket chain Vishal Mega Mart is set to launch its ₹8,000-crore initial public offering (IPO) on December 11. The issue comprises only an offer for sale (OFS) by the promoters, with no fresh issue of shares.

As a result, no proceeds from the IPO will go to the company, according to the final IPO papers filed with market regulator SEBI on Thursday.

The OFS will be conducted by the promoter entity, Samayat Services, which currently holds a 96.55% stake in the Gurugram-based retail giant. The price band for the issue is yet to be announced.

Vishal Mega Mart offers a wide range of products across apparel, general merchandise, and fast-moving consumer goods (FMCG) categories. The retailer operates through 626 stores nationwide, as well as its mobile application and website.

It faces competition from major players such as Mukesh Ambani's Reliance Retail, Tata Group's Trent, and Avenue Supermarts, which runs the D-Mart chain owned by stockbroker Radhakishan Damani. Vishal is recognised as one of the two leading offline-first diversified retailers in terms of same-store sales growth.

The updated draft filing for the IPO was submitted in October after Vishal’s confidential offer document received SEBI’s approval in late September. The company initially filed the offer document in July through the confidential pre-filing route.

The retailer has demonstrated strong financial performance in recent years. In FY24, consolidated net profit rose by 43.8% to ₹461.9 crore, with revenue increasing by 17.5% to ₹8,911.9 crore compared to FY23.