Last Updated:
Vishal Mega Mart IPO Day 2: Based on the grey market trends from the last eight sessions, today’s IPO GMP is on the rise and suggests a robust listing
Vishal Mega Mart IPO Day 2
Vishal Mega Mart IPO Day 2 Live Updates: Vishal Mega Mart, a hypermarket chain backed by Kedaara Capital, launched its initial public offering (IPO) on Wednesday, December 11. The public issue enters its second day of bidding today, December 12, and will conclude on Friday, December 13.
On December 10, the company raised Rs 2,400 crore from various global and domestic institutional investors through its anchor book. On Day 1 of the bidding, the Vishal Mega Mart IPO was subscribed 51%, according to BSE data. Despite a dynamic market environment, the allocation for non-institutional investors (NIIs) was fully subscribed.
Vishal Mega Mart IPO Subscription Status: Day 2
- Vishal Mega Mart’s Rs 8,000-crore IPO saw a 1.53x subscription on Day 2 of the share sale, on December 12.
- The IPO received bids for 115.74 crore shares, surpassing the 75.67 crore shares on offer.
- Non-Institutional Investors (NII) portion was subscribed 3.8 times.
- The Retail Individual Investors (RII) category saw a subscription of 1.16%.
- Qualified Institutional Buyers (QIB) portion was subscribed 48%.
Vishal Mega Mart IPO Price Band
Backed by Kedaara Capital, Vishal Mega Mart has set a price band of Rs 74-78 per equity share for its Rs 8,000 crore IPO, which closes on December 13. The bidding window for anchor investors opened on December 10 and remained open for a day.
The minimum lot size for retail investors is 190 shares, requiring an investment of Rs 14,820. Small non-institutional investors must bid for a minimum of 14 lots (2,660 shares), totaling Rs 2.07 lakh. Large non-institutional investors need to bid for at least 68 lots (12,920 shares), amounting to Rs 10.07 lakh.
Key Dates for Vishal Mega Mart IPO
- Opening Date: December 11
- Closing Date: December 13
- Allotment Date: December 16
- Listing Date: December 18
Vishal Mega Mart IPO: Grey Market Premium (GMP)
As of today, Vishal Mega Mart’s IPO GMP is Rs 21, indicating a premium of Rs 21 in the grey market, according to investorgain.com. This suggests an estimated listing price of Rs 99 per share (26.92% higher than the IPO price of Rs 78). The GMP has been rising over the past eight sessions, reflecting strong demand and expectations for a robust listing. The lowest GMP recorded during this period was Rs 13, while the highest reached Rs 25, according to investorgain.com.
Vishal Mega Mart IPO Proceeds
The entire Rs 8,000 crore IPO is an offer for sale (OFS), meaning the proceeds will go to the selling shareholders, not the company itself.
Vishal Mega Mart IPO Review
Several brokerage firms have given positive reviews for the Vishal Mega Mart IPO, recommending long-term investments:
- Choice Brokerage: Recommends subscribing with a long-term view, citing steady growth and strong prospects, especially in Tier-2 cities.
- AUM Capital: Also recommends a long-term subscription, highlighting Vishal Mega Mart’s competitive edge in the retail sector and its strong financials.
- Master Capital Services: Suggests a long-term buy, noting that the company is well-positioned in the retail market for middle and lower-middle-income consumers.
- Bajaj Broking: Recommends a long-term subscription but notes that the IPO is priced aggressively, particularly in terms of the P/E ratio.
- Swastika Investmart: Views the IPO as suitable for high-risk investors, acknowledging Vishal Mega Mart’s strong market position but highlighting the higher risks due to its valuation.
About Vishal Mega Mart
Vishal Mega Mart (VMM) is a leading retail chain serving middle- and lower-middle-income consumers across India. The company offers a mix of in-house and third-party brands in apparel, general merchandise, and FMCG categories. In FY24, Vishal Mega Mart reported revenues of Rs 8,900 crore and operates 645 stores in 414 cities across 30 states and union territories, covering 11.5 million square feet of retail space.
