return to news
  1. Vishal Mega Mart sees 'very good results' in quick commerce business: CEO

Market News

Vishal Mega Mart sees 'very good results' in quick commerce business: CEO

Upstox

2 min read | Updated on December 12, 2024, 13:24 IST

Twitter Page
Linkedin Page
Whatsapp Page

SUMMARY

The ₹8000 crore Vishal Mega Mart IPO is solely an offer-for-sale of equity shares without a fresh issue component. The price band has been fixed at ₹74-₹78 per share.

Vishal Mega Mart shares will be listed on the National Stock Exchange (NSE) and the BSE.

Vishal Mega Mart shares will be listed on the National Stock Exchange (NSE) and the BSE.

Vishal Mega Mart IPO: Supermarket chain Vishal Mega Mart has joined the quick commerce space, which is currently led by Zepto, Instamart, and Blinkit.

Open FREE Demat Account within minutes!
Join now
Speaking to CNBC-TV18, Gunender Kapur, Managing Director and Chief Executive Officer (CEO) of Vishal Mega Mart, said the company launched a pilot program in the quick commerce segment at the beginning of last year and is seeing very good results, raising expectations for more growth.

He said the service works within an 8 to 10 kilometre radius of the company's store. The user can have the order delivered within two hours, and if one buys more than ₹300, free delivery can be availed.

"The early signs have been very good. I am quite happy to report that, as we speak, we are present in about 390 cities in India through this pilot. And we remain very optimistic," Kapur told CNBC-TV18.

The Vishal Mega Mart CEO said that he is "very excited" about the company's future and is passionate about serving middle and lower-middle-income groups.

Vishal Mega Mart IPO

The ₹8000 crore Vishal Mega Mart IPO is solely an offer-for-sale of equity shares without a fresh issue component. The price band has been fixed at ₹74-₹78 per share.
Till 1:06 pm on Thursday, the issue has been subscribed 88%. The non-institutional investors (NIIs) led the demand and subscribed 2.19 times. Retail portion was subscribed 79%, while qualified institutional buyers (QIBs) mopped up 4% subscription.

Prior to the public issue, the company had collected ₹ 2,400 crore from anchor investors, including Nomura Funds Ireland Public Ltd, the Government of Singapore, SBI Mutual Fund (MF), Axis MF, ICICI Prudential MF, and HDFC MF.

ICICI Securities, Kotak Mahindra Capital Company, Jefferies India, JP Morgan India, Intensive Fiscal Services and Morgan Stanley India Company are the issue's book-running lead managers.

The company's shares will be listed on the National Stock Exchange (NSE) and the BSE.

To learn more about IPO listings, schedules, and upcoming IPOs, visit our page.

About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

Next Story