Vishal Mega Mart Pvt., an Indian supermarket chain, is pushing forward with its plans for an initial public offering (IPO) this year, according to sources familiar with the matter.
The company has selected Kotak Mahindra Bank Ltd. and ICICI Bank Ltd. to assist with arranging the share sale, which could occur as early as the fourth quarter of this year, the sources, who requested anonymity, revealed. Vishal Mega Mart is currently owned by private equity firms Partners Group Holding AG and Kedaara Capital, and the IPO would provide them with an opportunity to reduce their stakes, the sources added.
Additional banks are expected to join the IPO process, the sources indicated. Vishal Mega Mart, headquartered in Gurugram, may aim to raise between $850 million to $1 billion through the offering, they suggested.
A spokesperson for Kedaara declined to comment, while representatives from Partners Group, Kotak, ICICI, and Vishal Mega Mart did not respond to requests for comment outside of business hours.
Partners Group, headquartered in Switzerland, and Kedaara, an India-focused private equity firm, acquired Vishal Mega Mart from investment firm TPG Capital in 2018 for an undisclosed sum. The retail chain offers a wide range of products, including private label items, fashion and general merchandise, as well as food and groceries.
