Thu Dec 05 19:29:16 UTC 2024: ## Vishal Mega Mart’s ₹8,000 Crore IPO to Open December 11th

**MUMBAI, INDIA –** Vishal Mega Mart, a major player in the Indian supermarket sector, is set to launch its ₹8,000 crore initial public offering (IPO) on December 11th, the company announced. The IPO, which will close on December 13th, is entirely an offer for sale (OFS) by promoter entity Timet Services LLP, who will sell its 96.55% stake. Anchor investors can bid on December 10th.

As of June 30th, 2024, Vishal Mega Mart operated 626 stores across India, complemented by a mobile app and website for online shopping. The company plans to use the IPO proceeds to further its expansion and growth initiatives.

The IPO launch comes amidst a booming Indian retail market, estimated at ₹68-72 lakh crore in 2023 and projected to reach ₹104-112 lakh crore by 2028, according to RedSeer. Vishal Mega Mart will compete with giants such as Reliance Retail, Tata’s Trent, and DMart. The company was acquired by Partners Group (Switzerland) and Kedaara Capital (India) from TPG Capital in 2018.

**In other news:** Gautam Hari Singhania has been appointed Executive Chairman of Raymond Lifestyle, following shareholder approval. The resolution received 86.85% of the votes at the Annual General Meeting (AGM).

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