Vishal Mega Mart IPO Day 1: Check subscription status, GMP & other details

Vishal Mega Mart IPO Day 1: The IPO which opened for subscription today (December 11), is a complete offer for sale (OFS) comprising 1,025,641,025 shares

Vishal Mega Mart IPO Day 1: The initial public offer (IPO) of Vishal Mega Mart, a hypermarket chain backed by Kedaara Capital, received a decent response in the early hours of its first subscription day.

 

On day 1, around 11:27 AM, NSE data revealed that the IPO was subscribed 0.11 times with a total bid of 8,61,80,010 shares. While minimal traction was gained from the Qualified Institutional Buyers (QIB), who have bid for only 36,860 shares, Non Institutional Investors (NII) and Retail Individual Investors (RIIs) subscribed to the IPO 0.15 and 0.16 times respectively. NIIs bid 2,46,39,580 shares while RIIs bid 6,15,03,570 shares. 

 

 

Vishal Mega Mart IPO opened today (December 11) for subscription, is a complete offer for sale (OFS) comprising 1,025,641,025 shares. Through this IPO, the company aims to garner Rs 8,000 crore and has fixed the price band at Rs 74-78 per share. 

 

The IPO's subscription window will close on Friday, December 13, 2024. Interested bidders can apply for the IPO in a lot size of 190 shares or in multiples thereof. A retail investor would require a minimum of Rs 14,820 to bid for one lot. For a maximum bid of under Rs 2,00,000, retail investors can apply for up to 13 lots, totaling 2,470 shares.

 

The basis for the allotment of Vishal Mega Mart IPO shares is expected to be concluded on Monday, December 16, 2024, with shares credited to investors' demat accounts by Tuesday, December 17, 2024.   Watch Vishal Mega Mart IPO Analysis in Glance

 

Shares of Vishal Mega Mart will tentatively list on the bourses on Wednesday, December 18, 2024.

 

KFin Technologies is the registrar for the IPO and the book-running lead managers for the public issue include Kotak Mahindra Capital Company, ICICI Securities, Intensive Fiscal Services, Jefferies India, JP Morgan India, and Morgan Stanley India.

 

Notably, the company will not receive any proceeds from the offer for sale by the promoter selling shareholder. The promoter selling shareholder will be entitled to the entirety of proceeds from the offer for sale after deducting its portion of the offer-related expenses and the relevant taxes. 

 

Vishal Mega Mart is an Indian retail chain, offering a wide range of affordable products across categories such as fashion, household essentials, groceries, and general merchandise. Known for its focus on providing value-for-money shopping experiences, Vishal Mega Mart primarily caters to middle-class and budget-conscious customers.

Founded in the late 1980s, the brand has grown significantly over the years, operating more than 350 stores across India and serving millions of customers. 

 

The retail chain features a variety of products, including clothing, footwear, kitchenware, electronics, packaged foods, and personal care items, often at highly competitive prices. Vishal Mega Mart’s format emphasizes large stores located in urban, semi-urban, and rural areas, enabling it to tap into diverse markets.