After successfully raising Rs 2,400 crore from institutional investors, Vishal Mega Mart's IPO moves into its second day of bidding with a fully subscribed allocation for non-institutional investors. Despite a dynamic market environment, the hypermarket chain's IPO has generated significant interest with a minimum lot size of 190 shares for retail investors. The bidding window will close on Friday, December 13, with a price band of Rs 74-78 per equity share.
Background
Vishal Mega Mart, a well-established hypermarket chain in India, launched its initial public offering (IPO) on December 10, 2023. The IPO aims to raise Rs 2,400 crore ($300 million) through the sale of fresh shares.
IPO Details
The Vishal Mega Mart IPO consists of:
Strong Investor Demand
The IPO has witnessed strong demand from both institutional and non-institutional investors. On the first day of bidding, the IPO was oversubscribed by over 2.5 times for the portion allocated to non-institutional investors. This positive response reflects the company's strong fundamentals and growth prospects.
IPO Status
As of December 11, 2023, the Vishal Mega Mart IPO has received full subscription for the non-institutional investor portion. The institutional investor portion was fully subscribed on the first day of bidding. The bidding window will remain open until Friday, December 13, 2023.
Top 5 FAQs
1. When will the Vishal Mega Mart shares list on the stock exchange? Answer: The shares are expected to list on the BSE and NSE on December 20, 2023.
2. What is the minimum investment amount for retail investors? Answer: Retail investors can invest a minimum of Rs 14,620 by subscribing to 190 shares.
3. Was the company profitable in the past? Answer: Yes, the company has been profitable in the past financial years.
4. How will the IPO proceeds be used? Answer: The proceeds from the IPO will be used to reduce debt, fund capital expenditures, and expand operations.
5. What are the key risks associated with the IPO? Answer: The key risks include competition from other retailers, fluctuations in consumer spending, and execution risks associated with the expansion plans.
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