Vishal Mega Mart’s $943 million India IPO fully subscribed on second day of share sale
4 weeks ago

Vishal Mega Mart’s $943 million India IPO fully subscribed on second day of share sale

Live Mint  

-Indian budget retailer Vishal Mega Mart's 80-billion-rupee initial public offering was fully subscribed on day two of bids, led by demand from non-institutional investors. Vishal Mega Mart, which sells groceries and clothes for as low as 99 rupees, is a relatively small player in India's $600 billion grocery and supermarket industry that is led by the likes of Reliance Retail, DMart and Tata Group's Star Bazaar. However, analysts say Vishal Mega Mart, which has 70% of its stores in smaller cities where quick commerce is still coming up, is likely to be less affected. At the upper end of the IPO's price band of 74-78 rupees, Vishal Mega Mart could be valued at about 351.68 billion rupees.

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