Hypermarket brand Vishal Mega Mart, on Tuesday, planned an initial public offering (IPO) for $1 billion, reported Reuters News Agency based on source data and said, this move is projected to put the budget supermarket chain’s value at close to $5 billion.
Based on the Reuters report, Switzerland’s Partners Group and India’s Kedaara Capital both of which own a majority stake in the retail brand, would sell shares in the offering. The precise ownership percentages and scope of their share sales remain undisclosed, added the report.
Vishal Mega Mart is operational with over 560 outlets, and most of which are in minor cities across India. The chain markets and sells a diverse range of merchandise, including apparel, home essentials, and appliances, apart from groceries.
A week ago, Fitch-owned India Ratings research revealed VMM’s 2023 revenue rose 36% to ₹7,590 Crore ($917 million), while profit rose to ₹320 Crore from ₹200 Crore from a year ago.
Retail chain Vishal Mega Mart was founded in 2001, headquartered in Gurugram, Haryana. Vishal Mart which caters to lower-income households, offering products at minimal price ranges, has rivals such as Reliance Group’s Smart Bazar, Tata Group’s Trent, and Avenue Supermart-owned DMart, among other notable brands.
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