Vishal Mega Mart to float Rs 8,000 crore IPO on December 11
Vishal Mega Mart is set to launch its Rs 8,000 crore initial share-sale on December 11 for public subscription. The Initial Public Offering (IPO) will conclude on December 13 and the bidding for anchor investors will open for a day on December 10, the Red Herring Prospectus (RHP) showed on Thursday.
The proposed IPO is entirely an Offer For Sale (OFS) of shares by promoter Samayat Services LLP, with no fresh issue of equity shares, according to the Updated Draft Red Herring Prospectus (UDRHP).
At present, Samayat Services LLP holds 96.55 per cent stake in the Gurugram-based supermart major.
Since the IPO is entirely an OFS, the company will not receive any funds from the issue and the proceeds will go to the selling shareholder.
The updated draft filing was filed in October after Vishal Mega Mart's confidential offer document was approved by Sebi on September 25. The company filed its offer document in July through the confidential pre-filing route.
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