Vishal Mega Mart Goes Public: Rs 8,000-Crore IPO on the Horizon

Vishal Mega Mart has filed updated draft papers for an Rs 8,000-crore IPO, set to be an offer-for-sale by Samayat Services LLP. The company will not gain funds from this sale. Vishal Mega Mart caters to middle-income customers with 626 stores and seeks to benefit from India's growing organised retail market.

Vishal Mega Mart, a prominent supermart chain, has initiated the process to go public by submitting its updated draft papers to the capital markets watchdog, Sebi, for a proposed Rs 8,000-crore Initial Public Offering (IPO).

The IPO will be an entirely offer-for-sale involving shares held by their promoter, Samayat Services LLP, which currently owns a 96.55% stake in the company. Accordingly, Vishal Mega Mart will not receive direct proceeds from this transaction.

The move comes after an approval from Sebi on the confidential offer document in late September. With its wide range of products appealing to middle and lower-middle-income consumers, Vishal Mega Mart aims to capitalize on India's rapidly evolving retail sector.

(With inputs from agencies.)