Apparel Hits: 511

Vishal Mega Mart launches $952 million IPO

Apparel Hits: 511
Vishal Mega Mart launches $952 million IPO
Apparel Hits: 511

Joining a growing list of companies tapping the busy capital market, Indian budget supermarket chain Vishal Mega Mart has launched a $952 million (Rs 80 billion) IPO.

The company received approval for its public offering from the Securities and Exchange Board of India last month after a confidential filing earlier in the year.

Kotak Mahindra Capital, Jefferies India, JP Morgan and Morgan Stanley are some of the companies vying for the IPO.

Starting off as a small clothing store in 2001, Vishal Mega Mart has expanded to 600 stores, mainly in smaller cities, that sell clothes and grocery items. It competes with Indian tycoon Mukesh Ambani's Reliance, Tata Group's Trent and grocery retailer Avenue Supermarts.

This year, Indian stock markets grown sharply, attracting over 260 companies to raise more than $9 billion, more than double the amount raised via IPOs last year, as per data from LSEG.

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