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MUMBAI - India's 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..
Vishal Mega Mart's revenues jumped 36% to 75.9 billion rupees ($917 million) in its last financial year ended March 2023, while net profit surged 60% to 3.2 billion rupees, according to a report by Fitch-owned India Ratings...
Partners Group and Kedaara acquired Vishal Mega Mart for about $350 million in 2018 from rival buyout firms TPG and India's Shriram Group..
