Vishal Mega Mart Limited

Vishal Mega Mart operates a chain of hypermarkets in India offering apparel, general merchandise, and fast-moving consumer goods aimed largely at middle and lower-middle-income consumers. The retail business traces back to 2001, and by the time of its IPO the company ran around 645 stores across 414 cities in 28 states and two union territories, spanning more than 11 million square feet of retail space, alongside an online store and mobile app. The current corporate entity was incorporated in 2018 when the business was acquired from its earlier owners by Partners Group and Kedaara Capital, who continue to control it through the promoter vehicle Samayat Services LLP. The company's assortment spans womenswear, menswear and kidswear, home and kitchen products, and a large food and grocery section, with a meaningful share of sales coming from its own private-label brands. The IPO itself was structured entirely as an offer for sale by the promoter selling shareholder, so the company received no proceeds from the issue; existing owners simply sold down part of their stake while the underlying business and store network remained unchanged. Its scale and pan-India store footprint position it among the larger organised value-retail chains in the country, competing with peers such as Avenue Supermarts and Trent.

The anchor book raised about Rs 2,400 crore ahead of the issue opening, with shares allotted at the upper price band of Rs 78 per share. Participants included global institutional investors such as the Government of Singapore, Monetary Authority of Singapore, JP Morgan, Nomura, BlackRock, Government Pension Fund Global and Schroder International Selection Fund, alongside domestic mutual funds and insurers including SBI Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mahindra AMC, Nippon Life India, Axis Mutual Fund and HDFC Life Insurance.