Vishal Mega Mart, the popular hypermarket retail chain, is all set to finalize the basis of allotment for its highly anticipated IPO on Monday, December 16, 2024. Investors who participated in the bidding process will receive alerts via email, messages, or notifications regarding the debit of funds or revocation of their IPO mandate by Tuesday, December 17, 2024.
The IPO, which was open for subscription between December 11 and December 13, 2024, had offered its shares in the price band of Rs 74-78 per share, with a lot size of 190 shares. The company raised a total of Rs 8,000 crore through this offer, which was entirely an Offer for Sale (OFS) of up to 102.56 million equity shares.
Strong Investor Demand for Vishal Mega Mart IPO
The IPO witnessed a stellar response from investors, with the issue being oversubscribed 27.28 times. The Qualified Institutional Buyers (QIBs) showed the highest demand, with their portion being subscribed 80.75 times. Non-Institutional Investors (NIIs) subscribed 14.24 times, while Retail Individual Investors (RIIs) subscribed 2.31 times during the three-day subscription period.
The IPO garnered bids worth a staggering Rs 1.60 lakh crore, with investors applying for over 20.64 billion shares, compared to the 75.67 million shares offered. The QIB portion alone received bids amounting to Rs 1.36 lakh crore.
Grey Market Premium (GMP) Update
The grey market premium (GMP) for Vishal Mega Mart shares has seen a slight increase following strong bidding from retail investors. Currently, the company’s shares are commanding a GMP of Rs 19-20, suggesting a potential listing gain of around 25% for investors. The GMP was reported at Rs 16 on the final day of the subscription.
About Vishal Mega Mart
Incorporated in 2001 and headquartered in Gurugram, Vishal Mega Mart operates a large chain of hypermarkets, offering a wide variety of products including apparel, groceries, electronics, and home essentials. The company offers both in-house and third-party brands to cater to the everyday needs of its customers.
Vishal Mega Mart’s strong presence, efficient supply chain, solid financials, and historical performance were key factors that led to positive recommendations from brokerage firms. However, the entirely OFS structure, limited margins, and intense competition were noted as concerns.
Key Dates for Investors
The shares of Vishal Mega Mart are scheduled to list on both the BSE and NSE on Wednesday, December 18, 2024. If you have applied for the IPO, here’s how you can check your allotment status:
How to Check Vishal Mega Mart IPO Allotment Status
Investors can check their allotment status through the official websites of BSE, NSE, or KFin Technologies. Follow the steps below to check your status:
On the BSE Website:
- Visit BSE IPO Status
- Select “Equity” under the issue type.
- From the dropdown, choose Vishal Mega Mart Limited.
- Enter your application number and PAN ID.
- Complete the CAPTCHA verification and click “Search”.
On KFin Technologies Website:
- Go to KFin Technologies IPO Status.
- Select the IPO name once the allotment is finalized.
- Choose your mode of application (Application number, Demat Account number, or PAN ID).
- Enter the required details and complete the CAPTCHA.
- Click Submit to view your status.
The Allotment Process
The registrar, KFin Technologies, is responsible for processing applications, handling allotments, and addressing investor queries. They will also ensure the timely credit of shares to successful applicants and manage refunds for unsuccessful ones.
With strong demand and a positive outlook, Vishal Mega Mart’s IPO is expected to deliver substantial listing gains, with a GMP of 25% indicating a promising debut on the stock exchanges. Investors can check their allotment status today and prepare for the company’s listing on December 18, 2024.
