Vishal Mega Mart IPO subscribed 27.28 times on day 3 of issue, QIBs place highest bids; Latest GMP here | Stock Market News

Vishal Mega Mart IPO: The mainboard initial public offering (IPO) of Vishal Mega Mart Limited received a strong response from investors on the third and final day of subscription. The ₹8,000-crore worth public issue of the supermarket store operator hit India’s primary market on Wednesday, December 11, 2024, to open for its three-day subscription period. The public issue closed today.

Vishal Mega Mart IPO has reserved not more than 50 per cent of the equity shares in the public issue for the qualified institutional buyers (QIB), not less than 15 per cent for non-institutional Institutional Investors (NII), and not less than 35 per cent of the offer is reserved for the retail individual investors.

Follow Live Updates: Vishal Mega Mart IPO Day 3: Issue booked 27.28x led by QIBs, NIIs. Check GMP, review, more

Vishal Mega Mart IPO Subscription Status

On the third and final day of subscription, Vishal Mega Mart IPO was subscribed 27.28 by the end of the session. The portion reserved for retail investors was subscribed 2.31 times, the portion reserved for QIBs was booked the highest at 80.75 times, and the portion reserved for NIIs was booked 14.24 times. According to BSE data, the IPO received 20,64,25,17,700 share applications against 75,67,56,757 shares offered on Friday.

Vishal Mega Mart IPO Latest GMP Today

According to Invstorgain.com, the latest Grey Market Premium (GMP) for the Vishal Mega Mart IPO stood at ₹19. Based on the price band of ₹78, the projected listing price is ₹97, calculated by adding the cap price to the current GMP. This translates to an anticipated gain of 24.37 per cent per share. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Also Read: Vishal Mega Mart IPO day 3: GMP, subscription status to review. Apply or not?

Vishal Mega Mart IPO Details

Vishal Mega Mart’s IPO is an offer for sale (OFS) of 102.56 crore equity shares. At the upper end of the price band, the IPO size is ₹8,000 crore. The IPO consists entirely of an OFS amounting to ₹8,000 crore by Samayat Services LLP, the promoter with a 96.46 per cent stake in Vishal Mega Mart. At the upper price band of ₹78, it is expected to have a market capitalization of ₹36,120 crore.

Vishal Mega Mart IPO’s price band has been fixed at ₹74 to ₹78 per equity share with a face value of ₹10. The lot size is 190 equity shares, multiples of 190 equity shares thereafter. The issue will close for subscription for all groups of investors on Friday, December 13, 2024. The IPO raised ₹2,400 crore from anchor investors.

Tentatively, Vishal Mega Mart IPO’s basis of allotment of shares will be finalised on Monday, December 16. The company will initiate refunds on Tuesday, December 17, and the shares will be credited to the Demat account of allottees on the same day following the refund. Vishal Mega Mart’s share price will likely be listed on BSE and NSE on Wednesday, December 18.

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 are the book-running lead managers of the Vishal Mega Mart IPO, while Kfin Technologies Limited is the registrar for the issue.

Also Read: Vishal Mega Mart IPO: Price band set at ₹74-78 per share; check issue details, key dates, more

Vishal Mega Mart Company Details

Established in 2001, Vishal Mega Mart is a hypermarket chain offering various products, including apparel, groceries, electronics, and home essentials. It targets middle—and lower-middle-income people through a network of 645 stores (as of September 30) and its Vishal Mega Mart mobile app and website.

The company features both its own brands and third-party brands to fulfil consumers’ everyday needs. Its extensive product range includes clothing, general merchandise, and fast-moving consumer goods (FMCG), offering home furnishings, travel accessories, kitchen appliances, food items, non-food products, and staples.

According to the red herring prospectus (RHP), the company’s listed peers are Avenue Supermarts Ltd. (with a P/E of 98.23 times) and Trent Ltd. (with a P/E of 163.59). Between the fiscal years that ended on March 31, 2024, and March 31, 2023, Vishal Mega Mart’s total sales grew by 17.41 per cent and net profit rose by 43.78 per cent.