Vishal Mega Mart has set the price band for its Rs 8,000-crore initial public offering (IPO) at Rs 74-78 per share, with the grey market premium (GMP) hovering around 15 percent ahead of the public issue next week.
Vishal Mega Mart IPO will open for public subscription from December 11 to December 13. The bidding for anchor investors is scheduled for December 10, a day before the offer opens for retail and institutional investors.
According to market observers that track the grey market premium activities, the shares of Vishal Mega Mart are commanding a GMP in the price range of Rs 11 - 12 in the unofficial market, indicating a listing gain of around 15 percent.
The basis of share allotment will be finalised on December 16, with refunds initiated and equity shares credited by December 17. The shares of the company are proposed to be listed on exchanges on December 18.
The proposed IPO is entirely an Offer For Sale (OFS) of shares by promoter Samayat Services LLP, with no fresh issue of equity shares. At present, Samayat Services LLP holds 96.55 percent stake in the Gurugram-based supermart major.
Vishal Mega Mart's Rs 8,000-crore IPO to open on December 11 - Check key details
Since the IPO is entirely an OFS, the company will not receive any funds from the issue and the proceeds will go to the selling shareholder.
The company is a one-stop destination catering to middle and lower-middle-income consumers in India.
The 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 website.
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