Home Fashion According to reports, Vishal Mega Mart is preparing a US $1 billion...

According to reports, Vishal Mega Mart is preparing a US $1 billion initial public offering.

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According to two people with direct knowledge of the proposal, the low-cost grocery chain Vishal Mega Mart is getting ready to launch an initial public offering (IPO) for US$1 billion, which could increase the company’s valuation to US$5 billion. A portion of the proceeds will go toward expanding the chain’s number of stores.

The individuals, who wished to remain anonymous due to the secretive nature of the discussions, disclosed that Partners Group of Switzerland and Kedaara Capital of India, which together hold a majority stake in Vishal Mega Mart, will each sell shares as part of the agreement.

It was unclear at first how much each of the two private equity groups owned in Vishal Mega Mart, how much they would sell, and if they would retain a controlling position. Chief Executive Gunender Kapur of Vishal Mega Mart did not respond to requests for input. Kedaara did not respond to a request for comment from Partners Group.

The company has 560 sites, the most of which are in smaller towns, where it offers food and apparel. Indian tycoon Mukesh Ambani’s Reliance, grocery chain Avenue Supermarts, and Trent from the Tata Group are its rivals. The people said that investment banks have been requested to submit bids for the initial public offering (IPO) this week, and the sale would most likely take place later in the year.

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