Team Blitz India
NEW DELHI: Vishal Mega Mart is planning a $1 billion initial public offering that would value the budget supermarket chain at up to $5 billion with some of the proceeds earmarked to add stores, two people with direct knowledge of the plan said.
Switzerland’s Partners Group and India’s Kedaara Capital, which together have a majority stake in Vishal Mega Mart, will each sell shares in the offering, said the people, declining to be identified as the discussions were private.
It was not immediately clear exactly how much of Vishal Mega Mart the two private equity firms own, how much they would sell and if they would retain a majority holding.
Vishal Mega Mart Chief Executive Gunender Kapur did not respond to Reuters requests for comment. Kedaara also did not respond while Partners Group declined to comment.
The retailer has 560 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.
