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Vishal Mega Mart IPO Overview
The Vishal Mega Mart IPO is a book-built issue with a total size of ₹8,000 crores, entirely comprising an offer for sale of 102.56 crore shares. The IPO bidding period ran from December 11, 2024, to December 13, 2024, with allotments finalized on December 16, 2024. The shares were listed on the BSE and NSE on December 18, 2024.
The IPO price band was set between ₹74 and ₹78 per share, with a minimum application lot size of 190 shares. Retail investors needed a minimum investment of ₹14,820, while sNII investors required 14 lots (2,660 shares) costing ₹2,07,480, and bNII investors needed 68 lots (12,920 shares) amounting to ₹10,07,760.
The issue was managed by Kotak Mahindra Capital Company Limited, ICICI Securities Limited, Intensive Fiscal Services Private Limited, Jefferies India Private Limited, J.P. Morgan India Private Limited, and Morgan Stanley India Company Pvt Ltd. Kfin Technologies Limited acted as the registrar for the issue.

Vishal Mega Mart IPO Details
- IPO Date: December 11, 2024, to December 13, 2024
- Listing Date: December 18, 2024
- Face Value: ₹10 per share
- Price Band: ₹74 to ₹78 per share
- Lot Size: 190 shares
- Issue Size: 1,02,56,41,025 shares, aggregating ₹8,000 crores
- Offer for Sale: 1,02,56,41,025 shares (₹8,000 crores)
- Issue Type: Book-built issue IPO
- Listing At: BSE, NSE
- Shareholding Pre Issue: 4,50,87,19,493 shares
- Shareholding Post Issue: 4,50,87,19,493 shares
Timeline
- IPO Open Date: December 11, 2024
- IPO Close Date: December 13, 2024
- Basis of Allotment: December 16, 2024
- Initiation of Refunds: December 17, 2024
- Credit of Shares to Demat: December 17, 2024
- Listing Date: December 18, 2024
- UPI Mandate Confirmation Cut-off Time: December 13, 2024, by 5 PM
Reservation Details
The IPO offered 1,02,56,41,026 shares, allocated as follows:
- Anchor Investors: 30,76,92,307 shares (30%)
- QIBs: 20,51,28,206 shares (20%)
- NIIs: 15,38,46,154 shares (15%)
- bNII (>₹10L): 10,25,64,103 shares (10%)
- sNII (<₹10L): 5,12,82,051 shares (5%)
- Retail Investors: 35,89,74,359 shares (35%)
Lot Size & Investment
The minimum application size was 190 shares, with multiples thereof. The investment requirements were as follows:
- Retail Investors: ₹14,820 (1 lot) to ₹1,92,660 (13 lots)
- sNII: ₹2,07,480 (14 lots) to ₹9,92,940 (67 lots)
- bNII: ₹10,07,760 (68 lots)
Promoter Details
The promoters of Vishal Mega Mart are Samayat Services LLP and Kedaara Capital Fund II LLP.
- Pre-Issue Holding: 96.46%
- Post-Issue Holding: 76.02%
Anchor Investors
The Vishal Mega Mart IPO raised ₹2,400 crores from anchor investors on December 10, 2024, offering 30,76,92,307 shares. The lock-in periods end on January 14, 2025 (50%) and March 15, 2025 (remaining 50%).
About the Company
Founded in 2001, Vishal Mega Mart is a hypermarket chain catering to middle and lower-middle-income groups with a pan-India presence across 414 cities. As of September 30, 2024, it operates 645 stores and offers a wide range of products, including apparel, groceries, and home essentials, through its physical stores, mobile app, and website.
The company follows an asset-light business model, leasing all its distribution centers and stores, and sources products from third-party vendors or manufactures under its brands. Its direct local delivery service operates in 600 stores across 391 cities, with 6.77 million registered users.
Strengths
- Large and growing consumer base
- Diversified portfolio of brands
- Nationwide presence with scalable operations
- Experienced management team
- Strong revenue and profit growth
Financial Highlights
- Revenue (FY24): ₹8,945.13 crores (+17.41% YoY)
- Profit After Tax (FY24): ₹461.94 crores (+43.78% YoY)
- Assets (FY24): ₹8,506.08 crores
Key Metrics
- ROCE: 68.76%
- RoNW: 8.18%
- PAT Margin: 5.18%
- Price to Book Value: 6.23
Subscription Status
The Vishal Mega Mart IPO was oversubscribed 28.75 times as of December 13, 2024:
- QIB: 85.11x
- NII: 15.01x (bNII: 17.34x, sNII: 10.37x)
- Retail: 2.43x
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DISCLAIMER: This article is not meant to be giving financial advice. Please seek a registered financial advisor for any investments.
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