Stellar Debut! Vishal Mega Mart share price lists at ₹104, a premium of 33% over IPO price

Vishal Mega Mart IPO Listing: Vishal Mega Mart made a stellar debut on Dalal Street on Wednesday, December 18 as its shares listed at ₹104 each on the NSE, marking a 33.33% premium over the issue price of ₹78. On the BSE, the stock opened at ₹110, 41% higher than the issue price. 

The mainboard IPO, valued at ₹8,000 crore, is the fourth largest in 2024. Despite this, it received a healthy response from investors compared to the top three. The issue was oversubscribed 28 times, receiving total bids worth ₹1.61 lakh crore.

The issue was open for subscription from December 11 to December 13 in the price band of ₹74 to ₹78 per share.

According to exchange data, the QIB segment showed strong interest, with the portion oversubscribed 85 times. The Non-Institutional Investors (NII) portion was oversubscribed 15 times, while the retail portion saw an oversubscription of 2.43 times.

Kotak Mahindra Capital Company, ICICI Securities, Intensive Fiscal Services, Jefferies India, JP Morgan India, and Morgan Stanley India Company were the book-running lead managers for the Vishal Mega Mart IPO while KFin Technologies acted as the IPO registrar.

The issue was entirely an Offer for Sale, meaning the entire proceeds from the IPO will go to the Promoter Selling Shareholder after deducting offer-related expenses and applicable taxes.

About Vishal Mega Mart

Vishal Mega Mart is a one-stop destination catering to middle- and lower-middle-income households in India. The company offers a diverse range of merchandise through its portfolio of own brands and third-party brands.

Its product offerings span three major categories: apparel, general merchandise, and fast-moving consumer goods (FMCG). These products are available through a pan-India network of 626 Vishal Mega Mart stores (as of June 30, 2024), as well as its mobile application and website.

According to the company's RHP, Vishal Mega Mart is ranked among the top three offline-first diversified retailers in India based on retail space as of March 31, 2024.

The company is also the fastest-growing offline-first diversified retailer in India, based on profit after tax growth between Financial Years 2021 and 2024. Additionally, it is among the top two offline-first diversified retailers in India in terms of same-store sales growth for the Financial Year 2024, the RHP report showed.

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