Vishal Mega Mart has selected Kotak Mahindra Bank and ICICI Bank for a share sale, said a Bloomberg report citing sources familiar with the matter.
Partners Group Holding AG and Kedaara Capital, private equity companies, own Vishal Mega Mart, the following IPO would enable these both to sell their stake, said the report.
According to the report, the company might raise between $850 million to $1 billion through the stake sale and will also take help from other banks to bring the IPO.
According to the report, a representative from Kedaara declined to comment. Also, Partners Group, Kotak Mahindra, ICICI Bank, and the Indian supermarket chain didn’t reply immediately to the queries sent by Bloomberg.
Earlier, Reuters reported that Vishal Mega Mart was planning to bring its IPO for a value of Rs 9,000 crore ($1 billion).
The company is into Fashion-led hypermarkets and has more than 550 stores across the country. It provides its customers with the latest fashion, general merchandise, and grocery needs at affordable prices.
