Vishal Mega Mart Plans IPO with Assistance from Kotak Mahindra and ICICI Bank

Vishal Mega Mart Plans IPO with Assistance from Kotak Mahindra and ICICI Bank/Pexels

VoM News Desk | April 8, 2024 | 01:33 PM IST | Breaking News | Follow on Google News

Vishal Mega Mart Plans IPO with Assistance from Kotak Mahindra and ICICI Bank

Vishal Mega Mart Plans IPO with Assistance from Kotak Mahindra and ICICI Bank

Vishal Mega Mart Pvt, an Indian grocery chain, has reportedly enlisted the support of banks as it proceeds with its proposed initial public offering (IPO) in Mumbai later this year.

According to Bloomberg’s sources familiar with the matter, Kotak Mahindra Bank Ltd and ICICI Bank Ltd have been chosen to facilitate the share sale, expected to take place as early as the fourth quarter of this year.

The IPO aims to allow private equity firms Partners Group Holding AG and Kedaara Capital, who currently own Vishal Mega Mart, to divest some of their stakes.

While the IPO could potentially raise between $850 million to $1 billion, additional banks might be brought on board to assist with the offering.

Vishal Mega Mart, headquartered in Gurugram, offers a range of products including food, groceries, fashion, and household items, with approximately half of its sales attributed to clothing.

The retailer, with 560 outlets across India, competes with major players in the retail sector such as Trent, Avenue Supermarts, and Reliance Retail.

Source: Mint

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