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19 Nov 2024
Vishal Mega Mart is considering filing its IPO papers confidentially with Sebi, according to a report. Moneycontrol, citing insiders, reported that if discussions go as planned, Vishal Mega Mart would be the fourth company preparing for an IPO to use this confidential approach, following Tata Play, Oyo, and Swiggy.
The report indicated that the company aims to submit its draft papers to the regulator within the next 7-10 days. Depending on the portion sold by existing shareholders, the IPO could raise between $750 million to $1 billion, a source familiar with the matter revealed.
Acquired in May 2018 by Kedaara Capital and Partners Group from TPG, Vishal Mega Mart is compared in the market with peers such as Avenue Supermarts (DMart) and Shoppers Stop.
The IPO process is being handled by investment banks including Kotak Mahindra Capital, ICICI Securities, Jefferies, JP Morgan, and Morgan Stanley.
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