Vishal Mega Mart share price lists at ₹104, a premium of 33% over IPO price.
Vishal Mega Mart made a fantastic debut on Dalal Street on Wednesday, December 18, as its shares were listed at ₹104 on the NSE with a 33.33% premium over the issue price of ₹78. The stock opened at ₹110 on the BSE, which is 41% higher than the issue price.
The ₹8,000 crore-mainboard IPO has been the fourth biggest so far in 2024 but has gotten the better response from the investors vis-à-vis the top three. This was when the issue managed to attract total bids for ₹1.61 lakh crore through oversubscribing the issue 28 times.
The issue was open for subscription from December 11 to December 13 with a price band of ₹74 to ₹78 per share.
As indicated by exchange data, the QIB segment turned out to be very hot, and the portion, in turn, was oversubscribed 85 times. The NII component was oversubscribed 15 times, while the retail lot was oversubscribed for 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 of the Vishal Mega Mart IPO, while KFin Technologies acted as the registrar of the IPO.
The issue was absolutely an Offer for Sale, with the entire proceeds from the IPO going to the Promoter Selling Shareholder after taking out offer-related expenses and applicable taxes.
Vishal Mega Mart is one-stop shopping for middle- and lower-middle-income households in India. The company offers a wide variety of merchandise through its portfolio of own brands and third-party brands.
Its product offerings consist of three major categories: Apparel, General Merchandise and Fast Moving Consumer Goods (“FMCG”). These products can be accessed through a Pan India network of 626 Vishal Mega Mart Stores and its mobile application and website, as of June 30, 2024. Vishal Mega Mart stands as one of the three top offline-first diversified retailers in India, as reported by the company in the DRHP, based on the retail space as of March 31, 2024.
