Vishal Mega Mart IPO GMP Day 3 Live Updates: Issue subscribed 27 times. GMP at 24%; check price band, subscription status, key dates
Synopsis
Vishal Mega Mart IPO GMP Live Updates: The initial public offering (IPO) of the supermarket chain Vishal Mega Mart was subscribed 27.27 times on the final day of the issue.
Vishal Mega Mart IPO GMP and Subscription Status Today: Vishal Mega Mart shares were trading at a premium of Rs 19 per share in the grey market which is a 24% uptick over the upper band of the issue price of Rs 78.
1 New Update
05:13:10 PM IST, 13 Dec 2024
Vishal Mega Mart IPO GMP Day 3 Live Updates: Issue subscribed 27 times at close of day
Total bids received: 27.27 times of issue size
- Retail Individual Investors (RIIs): 2.31 times
- Non Institutional Investors(NIIS): 14.24 times
- Qualified Institutional Buyers (QIBs): 80.75 times
04:39:48 PM IST, 13 Dec 2024
Vishal Mega Mart IPO GMP Day 3 Live Updates: Subscription Status at 4:30 PM
Total bids received: 27.26 times of issue size
- Retail Individual Investors (RIIs): 2.27 times
- Non Institutional Investors(NIIS): 14.24 times
- Qualified Institutional Buyers (QIBs): 80.75 times
04:02:29 PM IST, 13 Dec 2024
Vishal Mega Mart IPO GMP Day 3 Live Updates: Subscription Status at 4 PM
Total bids received: 27.22 times of issue size
- Retail Individual Investors (RIIs): 2.21 times
- Non Institutional Investors(NIIS): 14.20 times
- Qualified Institutional Buyers (QIBs): 80.75 times
02:09:59 PM IST, 13 Dec 2024
Vishal Mega Mart IPO GMP Day 3 Live Updates: Subscription Status at 2:10 PM
- Total bids received: 8.05 times of issue size
- Retail Individual Investors (RIIs): 1.84 times
- Non Institutional Investors(NIIS): 10.61 times
- Qualified Institutional Buyers (QIBs): 17 times
12:50:07 PM IST, 13 Dec 2024
Vishal Mega Mart IPO GMP Day 3 Live Updates: Subscription Status at 01:00 PM
- Total bids received: 4.30 times of issue size
- Retail Individual Investors (RIIs): 1.68 times
- Non Institutional Investors(NIIS): 8.51 times
- Qualified Institutional Buyers (QIBs): 5.74 times
11:29:08 AM IST, 13 Dec 2024
Vishal Mega Mart IPO GMP Day 3 Live Updates: Subscription Status at 11:30 AM
- Total bids received: 2.35 times of issue size
- Retail Individual Investors (RIIs): 1.48 times
- Non Institutional Investors(NIIS): 6.68 times
- Qualified Institutional Buyers (QIBs): 0.61 times
10:12:57 AM IST, 13 Dec 2024
Vishal Mega Mart IPO GMP Day 3 Live Updates: Subscription Status at 10:10 AM
- Total bids received: 1.58 times of issue size
- Retail Individual Investors (RIIs): 1.22 times
- Non Institutional Investors(NIIS): 3.88 times
- Qualified Institutional Buyers (QIBs): 0.48 times
07:05:23 AM IST, 13 Dec 2024
Vishal Mega Mart IPO Live Updates: GMP today
Vishal Mega Mart's GMP is constantly on the downtrend since the issue launch and currently has a GMP of around Rs 17, which is a 22% premium over the issue price.
05:52:42 PM IST, 12 Dec 2024
Vishal Mega Mart IPO Live Updates| Vishal Mega Mart IPO: Issue fully subscribed at 1.53 times at end of on Day 2
The initial public offering (IPO) of the supermarket chain Vishal Mega Mart was fully subscribed at 1.53 times the shares on offer on BSE and NSE at the end of Day 2. The issue received 115.74 crore consolidated share bids against 75,67,56,757 shares available for subscription.
The retail portion was subscribed 1.16 times with 43.79 crore consolidated share bids received at the end of the day versus the quota of 37,83,78,379 shares. The non-institutional portion was fully subscribed at 3.80 times while the quota of qualified institutional buyers (QIBs) was booked just 48%.
The retail portion was subscribed 1.16 times with 43.79 crore consolidated share bids received at the end of the day versus the quota of 37,83,78,379 shares. The non-institutional portion was fully subscribed at 3.80 times while the quota of qualified institutional buyers (QIBs) was booked just 48%.
05:39:35 PM IST, 12 Dec 2024
Vishal Mega Mart IPO GMP Live Updates | Issue subscribed 1.54 times on Day 2
Total bids received: 1.54 times of issue size
- Retail Individual Investors (RIIs): 1.16 times
- Non Institutional Investors(NIIS): 3.84 times
- Qualified Institutional Buyers (QIBs): 0.48 times
04:59:02 PM IST, 12 Dec 2024
Vishal Mega Mart IPO GMP Live Updates | Issue subscribed 1.5 times on Day 2
Total: 1.51 times
Retail Individual Investors (RIIs): 1.15 times
Non Institutional Investors(NIIS): 3.71 times
Qualified Institutional Buyers (QIBs): 0.48 times
Retail Individual Investors (RIIs): 1.15 times
Non Institutional Investors(NIIS): 3.71 times
Qualified Institutional Buyers (QIBs): 0.48 times
03:57:06 PM IST, 12 Dec 2024
Vishal Mega Mart IPO GMP Live Updates | Issue subscribed 1.3 times on Day 2 so far
Total: 1.31 times
Retail Individual Investors (RIIs): 1.07 times
Non Institutional Investors(NIIS): 3.08 times
Qualified Institutional Buyers (QIBs): 0.39 times
Retail Individual Investors (RIIs): 1.07 times
Non Institutional Investors(NIIS): 3.08 times
Qualified Institutional Buyers (QIBs): 0.39 times
02:29:42 PM IST, 12 Dec 2024
Vishal Mega Mart IPO GMP Day 2 Live Updates: Cumulative Bid Details
02:24:12 PM IST, 12 Dec 2024
Vishal Mega Mart IPO GMP Day 2 Live Updates: Subscription Status
- Qualified Institutional Buyers (QIBs) Portion: 0.27 times
- Non-Institutional Investors (NIIs) Portion: 2.54 times
- Retail Individual Investors (RIIs) portion: 0.88 times
- Total: 1.06 times
02:22:36 PM IST, 12 Dec 2024
Vishal Mega Mart IPO GMP Day 2 Live Updates: Vishal Mega Mart's Rs 8,000 cr IPO fully subscribed on Day 2; NII part booked 2.5x
01:57:39 PM IST, 12 Dec 2024
Vishal Mega Mart IPO GMP Day 2 Live Updates: Subscription status at 2:00 PM
- Vishal Mega Mart IPO subscription details:
- Total: 0.95 times
- Retail Individual Investors (RIIs): 0.83 times
- Non Institutional Investors(NIIS): 2.36 times
- Qualified Institutional Buyers (QIBs): 0.12 times
12:01:12 PM IST, 12 Dec 2024
Vishal Mega Mart IPO GMP Day 2 Live Updates: Subscription status at 12:00 PM
Vishal Mega Mart IPO subscription details:
Total: 0.75 times
Retail Individual Investors (RIIs): 0.72 times
Non Institutional Investors(NIIS): 1.77 times
Qualified Institutional Buyers (QIBs): 0.03 times
Total: 0.75 times
Retail Individual Investors (RIIs): 0.72 times
Non Institutional Investors(NIIS): 1.77 times
Qualified Institutional Buyers (QIBs): 0.03 times
11:27:34 AM IST, 12 Dec 2024
Vishal Mega Mart IPO GMP Day 2 Live Updates: Check subscription, key dates, GMP, price band and review
The initial public offering (IPO) of supermarket chain operator Vishal Mega Mart received a steady response from investors on Thursday, the second day of bidding with an overall subscription of 64% by 10:33 AM.
The investor demand was led by non-institutional investors, whose category was fully subscribed by 1.48 times on the second day so far. Meanwhile, retail subscriptions stood at 63%, while qualified institutional buyers quota was subscribed by 3% on the second day of bidding.
The investor demand was led by non-institutional investors, whose category was fully subscribed by 1.48 times on the second day so far. Meanwhile, retail subscriptions stood at 63%, while qualified institutional buyers quota was subscribed by 3% on the second day of bidding.
11:27:01 AM IST, 12 Dec 2024
Vishal Mega Mart IPO GMP Day 2 Live Updates: Subscription status at 10:15 AM
- Vishal Mega Mart IPO subscription details:
- Total: 0.58 times
- Retail Individual Investors (RIIs): 0.59 times
- Non Institutional Investors(NIIS): 1.27 times
- Qualified Institutional Buyers (QIBs): 0.03 times
09:00:41 AM IST, 12 Dec 2024
Vishal Mega Mart IPO GMP Day 2 Live Updates: RISKS
Company do not manufacture any of the products that are sold in its stores, and company rely entirely on third party vendors for the manufacturing of all products under its own brands who are required to meet company’s product specification, quality, design and manufacturing standards, which subjects to risks, which, if materialized, could adversely affect company’s business, results of operations, cash flows and financial condition.
08:14:59 AM IST, 12 Dec 2024
Vishal Mega Mart IPO GMP Day 2 Live Updates: Issue strengths by Hem Securities
- Serving a Large and Growing Section of the Indian Population
- Diverse and Growing Portfolio of Own Brands across Product Categories
- Pan-India Presence with a Track Record of Successful Store Growth
07:51:20 AM IST, 12 Dec 2024
Vishal Mega Mart IPO GMP Day 2 Live Updates: Performance during H1 FY25
Continuing with the FY24 profitability growth momentum, VMM reported a 19.3% Y-O-Y rise in consolidated revenue to 5,032.5cr. Further EBITDA margin decline by 26 bps to 13.3% and PAT margins expanded by 56bps and 42bps to 5.0% respectively in H1FY25. On TTM basis, consolidated revenue stood at 9,725cr, EBITDA and PAT margin of 13.8% and 5.4%, respectively.
07:33:46 AM IST, 12 Dec 2024
Vishal Mega Mart IPO GMP Day 2 Live Updates: GMP today
Ahead of the issue, the Vishal Mega Mart was boasting a GMP of around Rs 20, which is a 26% premium over the issue price.
06:57:49 AM IST, 12 Dec 2024
Vishal Mega Mart IPO GMP Day 2 Live Updates: Analyst view- Hem Securities
Company is bringing the issue at price band of Rs 74-78 per share at p/e multiple of 76x on FY24 basis. Company focused on serving a large and fast growing section of the Indian population. Company has consumer-centric approach resulting in loyal consumer base. Company has diverse and growing portfolio of own brands. Company has pan-India presence with technology enabled, systems driven operations. professional and experienced management Team Hence Looking after all above , we recommend “Subscribe” on issue.
05:10:45 PM IST, 11 Dec 2024
Vishal Mega Mart IPO GMP Live Updates | Vishal Mega Mart IPO subscribed 51% on Day 1
Vishal Mega Mart IPO subscription details:
Total (at 5pm) - 51%
Qualified Institutional Buyers (QIBs) - 3%
Non Institutional Investors(NIIS) - 111%
Retail Individual Investors (RIIs) - 53%
Total (at 5pm) - 51%
Qualified Institutional Buyers (QIBs) - 3%
Non Institutional Investors(NIIS) - 111%
Retail Individual Investors (RIIs) - 53%
04:41:06 PM IST, 11 Dec 2024
Vishal Mega Mart IPO GMP Live Updates | Geojit on Vishal Mega Mart IPO
04:00:31 PM IST, 11 Dec 2024
Vishal Mega Mart IPO GMP Live Updates | Subscription status (at 4pm, Day 1)
Vishal Mega Mart IPO subscription details:
Total (at 4pm) - 41%
Total (at 4pm) - 41%
- Qualified Institutional Buyers (QIBs) - 0
- Non Institutional Investors(NIIS) - 81%
- Retail Individual Investors (RIIs) - 48%
03:36:27 PM IST, 11 Dec 2024
Vishal Mega Mart IPO GMP Live Updates | Shareholding pattern
03:00:00 PM IST, 11 Dec 2024
At the upper price band of Rs.78, VMML is trading at a P/E of 69x on FY25 earnings (annualized), which appears fairly priced compared to its peers and factoring its high growth. Considering positive industry growth opportunities, expected rise in demand, healthy store additions, and presence in the online channel, we assign a “Subscribe” rating on a medium- to long-term basis.
- Geojit Research
02:27:35 PM IST, 11 Dec 2024
Vishal Mega Mart IPO Live: Subscription status at 2 PM
- Total: 0.28 times
- Retail Individual Investors (RIIs): 0.39 times
- Non Institutional Investors(NIIS): 0.54 times
- Qualified Institutional Buyers (QIBs): 0.00 times
01:28:42 PM IST, 11 Dec 2024
Vishal Mega Mart IPO Live: Performance over FY22-24
During this period, VMM has experienced a significant improvement in its revenue with a CAGR of 26.28% reaching Rs. 8,911.9cr in FY24 from Rs.5,588.5cr in FY22 due to a significant increase in all of its offerings. Specific segments, which are apparels, fast moving consumer goods general merchandise have risen with a CAGR of 18.5%, 20.4% and 13.6% respectively. Out of the total revenue, 70% of the revenue is from the companies own brand and remaining 30% from third party products in FY24. It mostly targets middle and lower-middle income India through a pan-India network of 626 Vishal Mega Mart stores.
12:58:44 PM IST, 11 Dec 2024
Vishal Mega Mart IPO Live: Peer Comparison
12:25:30 PM IST, 11 Dec 2024
Vishal Mega Mart IPO Live: Subscription Status at 12: 30 PM
- Total: 0.18 times
- Retail Individual Investors (RIIs): 0.25 times
- Non Institutional Investors(NIIS): 0.26 times
- Qualified Institutional Buyers (QIBs): 0.00 times
12:14:31 PM IST, 11 Dec 2024
Vishal Mega Mart IPO Live: Valuations-SBI Securities
At the upper price band of Rs 78, Vishal Mega Mart is valued at FY24 P/E multiple of 76.1x on post issue capital. The company is scaling its presence across product categories and stores throughout India and has a track record of profitable growth. Its Revenue/EBITDA/PAT has grown at a CAGR of 26.3%/24.6%/50.9% respectively over FY22-24 period. The company makes relatively better EBITDA margin and similar PAT margin as compared to its major peer Dmart (Avenue Supermarts). We recommend investors to subscribe to the issue at cut-off price for long term.
11:55:43 AM IST, 11 Dec 2024
Vishal Mega Mart IPO Live: Vishal Mega Mart IPO Day 1 | Issue booked 14% on first bidding day so far; check key dates, GMP, price band and review
The initial public offering (IPO) of the supermarket chain Vishal Mega Mart opened for public subscription on Wednesday, receiving an overall subscription of 0.14 times by 11:36 AM on the first day of the bidding process. The IPO issue will close on December 13.
Subscriptions from the retail individual investors stood at 0.19 times, the non institutional investors had subscribed by 0.19 times, while the qualified institutional investors had not made any subscriptions yet.
The IPO is a book-built issue of Rs 8,000 crore, and the offering is entirely an offer for sale (OFS) of 102.56 crore shares.
Subscriptions from the retail individual investors stood at 0.19 times, the non institutional investors had subscribed by 0.19 times, while the qualified institutional investors had not made any subscriptions yet.
The IPO is a book-built issue of Rs 8,000 crore, and the offering is entirely an offer for sale (OFS) of 102.56 crore shares.
11:38:59 AM IST, 11 Dec 2024
Vishal Mega Mart IPO Live: Business Overview
Vishal Mega Mart Ltd. (VMML) is a one stop destination for middle and lower-middle income India. It curates a diverse range of merchandize through portfolio of own brands and third party brands to fulfil the aspirational and daily needs of consumers. VMML offers products across three major product categories, i.e., apparel, general merchandise and fast-moving consumer goods, through a Pan-India network of 645 Vishal Mega Mart stores (as of September 30, 2024) and Vishal Mega Mart mobile application and website.
11:15:53 AM IST, 11 Dec 2024
Vishal Mega Mart IPO Live: Subscription status
Qualified Institutional Buyers (QIBs) 0.00
Non Institutional Investors(NIIS) 0.13
Retail Individual Investors (RIIs) 0.14
Total 0.10
Non Institutional Investors(NIIS) 0.13
Retail Individual Investors (RIIs) 0.14
Total 0.10
10:57:04 AM IST, 11 Dec 2024
Vishal Mega Mart IPO Live: Financials
10:47:01 AM IST, 11 Dec 2024
Vishal Mega Mart IPO Live: Issue's Indicative Time Table
10:40:45 AM IST, 11 Dec 2024
Vishal Mega Mart IPO Live: Issue Breakup
10:36:27 AM IST, 11 Dec 2024
Vishal Mega Mart IPO Live: Market Opportunity
- Favourable macro-economic conditions - By CY2028, India is projected to become a ~?493 trillion (US$6 trillion)economy, supported by rapid infrastructure investments, a demographic dividend, improved ease of doing business, and increased global economic integration.
- India’s retail opportunity - The Indian retail market has exhibited robust growth and rebounded post-Covid to reach ?76 trillion (approximately US$ 916 billion) in CY2023.
- Omnichannel is seeing rapid adoption in India driven by its ability to deepen consumer engagement and enhance brand perception
10:21:34 AM IST, 11 Dec 2024
Vishal Mega Mart IPO Live: Issue Details
10:15:41 AM IST, 11 Dec 2024
Vishal Mega Mart IPO Live: Risk and concerns
- General slowdown in the global economic activities
- Dependency on third-party vendors for manufacturing products sold in
- its stores
- Changing consumer preferences
- Revenue concentration from stores in Uttar Pradesh, Karnataka, and
- Assam
- Risks from leasing real estate for its operations
- Competition
10:07:04 AM IST, 11 Dec 2024
Vishal Mega Mart IPO Live: Key competitive strengths
- Serving a Large and Growing Section of the Indian Population
- Consumer-Centric Approach Resulting in a Large and Loyal Consumer
- Base
- Diverse and Growing Portfolio of Own Brands across Product Categories
- Pan-India Presence with a Track Record of Successful Store Growth
- Technology Enabled and Systems Driven Operations
- Professional and Experienced Management Team
- Track Record of Delivering Revenue, Profit Growth and Capital Efficiency
10:01:50 AM IST, 11 Dec 2024
Vishal Mega Mart IPO Live: Emkay Global on Vishal Mega Mart
In our view, VMML’s delivery on its double-digit outlook provides scope for a valuation re-rating, in addition to earnings growth. We would also like to highlight that PE ownership will remain high at 76% post-IPO, and supply overhang on subsequent stake dilutions is a key risk. In addition to PE ownership, VMML has granted 218mn ESOPs to its employees which can incrementally lead to an equity dilution of 4-5%
09:40:48 AM IST, 11 Dec 2024
Vishal Mega Mart's financial performance is also steady, with both revenue and profitability increasing in the last few quarters. For high-risk investors looking to gain exposure to the retail industry, this IPO is a good option.
- Shivani Nyati, Head of Wealth at Swastika Invest
09:26:14 AM IST, 11 Dec 2024
Vishal Mega Mart IPO Live: Lead Managers
Kotak Mahindra Capital Company, ICICI Securities, Intensive Fiscal Services, Jefferies India, JP Morgan India, and Morgan Stanley India have been appointed lead managers of the issue.
09:25:44 AM IST, 11 Dec 2024
Vishal Mega Mart IPO Live: Analyst View
"We believe that the IPO is fairly priced and recommend a Subscribe-Long term rating to the IPO," said Anand Rathi.
09:25:36 AM IST, 11 Dec 2024
Vishal Mega Mart IPO Live: Vishal Mega Mart IPO | Review
Analysts advised investors to subscribe to the issue as the company has a loyal consumer base with a diverse and growing portfolio of its own brands.
09:25:27 AM IST, 11 Dec 2024
Vishal Mega Mart IPO Live: Vishal Mega Mart IPO: price band
The company has fixed a price band of Rs 74-78 per share, where investors can bid for 190 shares in one lot and in multiples thereafter.
09:24:38 AM IST, 11 Dec 2024
Vishal Mega Mart IPO Live: Vishal Mega Mart IPO proceeds
The entire Vishal Mega Mart IPO is an offer for sale (OFS), meaning no proceeds from the issue will go to the company.
09:37:27 AM IST, 11 Dec 2024
Vishal Mega Mart IPO Live: Vishal Mega Mart IPO Latest GMP
Ahead of the issue, the Vishal Mega Mart was boasting a GMP of around Rs 24-25, which is a 31% premium over the issue price.
09:25:09 AM IST, 11 Dec 2024
Vishal Mega Mart IPO Live: Vishal Mega Mart IPO allotment date
The allotment for the IPO is expected to be finalised on December 16.
09:24:56 AM IST, 11 Dec 2024
Vishal Mega Mart IPO Live: Vishal Mega Mart IPO Opening Date And Time
The Vishal Mega Mart IPO will open up for public subscription on December 11 with the issue closing on December 13.
07:21:09 AM IST, 11 Dec 2024
Vishal Mega Mart IPO Live: Valuation & Risk Factors
At an implied market cap of about ?35,168 crore, the IPO values the company at 71 times its annualised earnings for FY25. This is less than the price-to-earnings (PE) multiple of 92 and 137 at which Vishal Mega Mart's closest-to-compare retail peers Avenue Supermarts (DMart) and Trent are trading, respectively.
Given its presence, scale and target customer base, Vishal Mega Mart's IPO - while priced aggressively - offers investors an attractive opportunity to capture the growth generated by Bharat's consumption story.
Given its presence, scale and target customer base, Vishal Mega Mart's IPO - while priced aggressively - offers investors an attractive opportunity to capture the growth generated by Bharat's consumption story.
06:51:08 AM IST, 11 Dec 2024
Vishal Mega Mart IPO Live: Financials & Growth Prospects
Vishal Mega Mart's revenue recorded a 26% compounded annual growth rate (CAGR) to ?8,911 crore in FY24 from ?5,588 crore in FY22. Similarly, net profit rose 51% CAGR to ?462 crore in FY24. The Ebitda margin for FY24 stood at 14% with adjusted return on capital employed (ROCE) at 71%.
The company has a track record of profitable and capital-efficient growth. As much as 70% of its stores are in tier II cities and beyond, which have low organised retail store densities and where consumers gravitate towards products that are good in quality and functionality while being affordable. With the rising cost of living hurting consumer demand, affordable retail models are likely to gain favour with value-conscious Indian consumers.
The company has a track record of profitable and capital-efficient growth. As much as 70% of its stores are in tier II cities and beyond, which have low organised retail store densities and where consumers gravitate towards products that are good in quality and functionality while being affordable. With the rising cost of living hurting consumer demand, affordable retail models are likely to gain favour with value-conscious Indian consumers.
06:50:47 AM IST, 11 Dec 2024
Vishal Mega Mart IPO Live: Vishal Mega Mart-Business
The Gurugram-based company runs a network of more than 645 stores across 414 cities, selling apparel, general merchandise and FMCG. It earns about 48% of revenue from apparel, 28% from general merchandise and 23% from FMCG. While FMCG brings in the footfalls, apparel and general merchandise are the more profitable and value-accruing categories for the company. Uttar Pradesh, Karnataka and Assam are the top three contributing states to its overall revenue.
06:50:01 AM IST, 11 Dec 2024
Vishal Mega Mart IPO Live: Vishal Mega Mart IPO opens today; GMP at 31%. Check price band and key dates
The initial public offering (IPO) of supermarket chain operator Vishal Mega Mart is scheduled to open for subscription on December 11 and close on December 13. The IPO aims to raise ?8,000 crore through an offer for sale (OFS) mechanism.
Ahead of the issue, the grey market premium (GMP) for Vishal Mega Mart shares is estimated to be around ?24-25, suggesting a 31% premium over the issue price.
Ahead of the issue, the grey market premium (GMP) for Vishal Mega Mart shares is estimated to be around ?24-25, suggesting a 31% premium over the issue price.
06:49:12 AM IST, 11 Dec 2024
Vishal Mega Mart IPO Live: Why the retailer is undaunted by new threat
Vishal Mega Mart, a one-stop retail destination serving middle and lower-middle-income consumers with a diverse range of in-house and third-party brands in apparel, general merchandise, and fast-moving consumer goods (FMCG), is set to launch its ?8,000 crore initial public offering (IPO) for public subscription on December 11. The offering is entirely an Offer for Sale (OFS) of shares by the promoter, Samayat Services LLP, with no new issuance of equity shares.
06:48:10 AM IST, 11 Dec 2024
Vishal Mega Mart IPO Live: Buy into Vishal Mega Mart to grow with Bharat's consumption story
Vishal Mega Mart, an offline-first retail chain catering to middle and lower-middle-income consumers in India, is set to launch an ?8,000 crore initial public offering (IPO) on Wednesday through an offer for sale (OFS).
The IPO is designed to provide a partial exit for its private equity promoter, Kedaara Capital, which will reduce its stake from 96.5% to 76%. As the issue is structured as an OFS, the company itself will not receive any proceeds from the share sale.
The IPO is designed to provide a partial exit for its private equity promoter, Kedaara Capital, which will reduce its stake from 96.5% to 76%. As the issue is structured as an OFS, the company itself will not receive any proceeds from the share sale.