Vishal Mega Mart is listed at Rs 104 on the National Stock Exchange, a premium of 33% to the issue price. On the BSE, the stock is listed at Rs 110, a premium of 41%.
Vishal Mega Mart IPO GMP
The company’s shares were fetching a premium of 28% in the grey market, indicating a positive listing for the stock. The grey market is an unofficial place where shares change hands illegally ahead of listing.
Vishal Mega Mart IPO Review
“Vishal Mega Mart, the 2nd largest offline-first diversified retailer, is well placed to capitalize on the growing middle-class population in India. Extensive expansion plans along with a focus on diversification, high-margin products and operating leverage are likely to bolster revenue growth. At Rs 78, the issue is priced at 76x FY24 P/E and looks reasonable compared to other listed peers. We recommend investors to ‘Subscribe’ to the issue,” said Motilal Oswal Financial Services in an IPO note.
Vishal Mega Mart IPO Details
The IPO opened on December 11 and closed on December 13. The allotment of shares was finalised on December 16 by the registrar. A retail buyer had to apply for as minimum as 190 shares in a lot which amounts to Rs 14,820. There were different lot sizes for small and big NIIs. A small NII could bid for at least 2,660 shares amounting to Rs 2,07,480 and a big NII 12,920 shares which totals Rs 10,07,760.
Vishal Mega Mart’s financial performance
In terms of financial performance, for the past three fiscal years, the company reported a net profit of Rs 202.77 crore in FY22, Rs 321.27 crore in FY23, and 461.94 crore in FY24. The company’s total income stands at Rs 5,653.85 crore for FY22, Rs 7,618.89 crore in FY23, and Rs 8,945.13 crore in FY24.
BRLMs of IPO
Kotak Mahindra Capital Company, ICICI Securities, Intensive Fiscal Services, Jefferies India, J.P. Morgan India, and Morgan Stanley India Company are the book-running lead managers of the IPO, while Kfin Technologies is the registrar for the issue.