IPO Tracker: Vishal Mega Mart

1. Company Overview

• Name: Vishal Mega Mart Limited

• Incorporation: Established as Rishanth Wholesale Trading Private Limited on March 27, 2018. Renamed to Vishal Mega Mart Limited in May 2024 upon conversion to a public limited company.

• Registered Office: Plot No. 184, Fifth Floor, Platinum Tower, Udyog Vihar Phase-1, Gurugram, Haryana.

• Promoters:

  • Samayat Services LLP

  • Kedaara Capital Fund II LLP

• Business Overview:

  • Operates a prominent retail chain focused on aspirational consumers in Tier-II and Tier-III cities.

  • Product segments: Apparel, home essentials, groceries, and fast-moving consumer goods (FMCG).

  • Retail Presence: 645 stores across India as of September 30, 2024.

  • Digital Channels: Mobile app and e-commerce website catering to online shoppers.

2. Offer Details

• Total Offer Size: ₹80,000 million

• Type of Offer: 100% Offer for Sale (OFS) by Promoter Selling Shareholder (Samayat Services LLP).

• Breakdown:

  • Qualified Institutional Buyers (QIBs): Up to 50% of the offer.

  • Non-Institutional Investors (NIIs): At least 15% of the offer.

  • Retail Individual Investors (RIIs): At least 35% of the offer.

  • Anchor Investors: Up to 60% of the QIB portion.

• Price Band and Lot Size: To be determined through the Book Building Process.

• Utilization of Proceeds: The company will not receive any proceeds as the offer is entirely through OFS.

3. Important Dates

• Anchor Investor Bidding Date: December 10, 2024

• Offer Opening Date: December 11, 2024

• Offer Closing Date: December 13, 2024

• Listing Date: Expected by December 20, 2024

• Stock Exchanges: Proposed listing on BSE and NSE.

4. Financial Summary

Balance Sheet Summary (₹ in Million)

Particulars	Sept 30, 2024	Sept 30, 2023	March 31, 2024	March 31, 2023	March 31, 2022
Assets
Total Non-Current Assets	38,224.68	37,952.31	37,651.43	36,209.54	36,873.81
Total Current Assets	57,292.80	49,097.67	47,409.41	46,679.54	45,305.95
Total Assets	95,517.48	87,049.98	85,060.84	82,889.08	82,179.76
Equity and Liabilities
Equity Share Capital	3,000.00	3,000.00	3,000.00	3,000.00	3,000.00
Other Equity	55,989.90	50,521.85	53,218.42	48,560.88	45,251.83
Total Equity	58,989.90	53,521.85	56,218.42	51,560.88	48,251.83
Total Liabilities	36,527.58	33,528.13	28,842.42	31,328.20	33,927.93
Total Equity and Liabilities	95,517.48	87,049.98	85,060.84	82,889.08	82,179.76

Profit and Loss Summary (₹ in Million)

Particulars	Sept 30, 2024	Sept 30, 2023	March 31, 2024	March 31, 2023	March 31, 2022
Revenue from Operations	50,325.13	42,194.61	89,119.46	75,860.37	55,885.15
Total Income	50,534.16	42,354.36	89,451.27	76,188.93	56,538.51
Total Expenses	45,252.69	38,058.50	80,241.76	69,870.50	53,842.02
Profit Before Tax (PBT)	3,416.47	2,636.50	6,209.51	4,305.31	2,696.49
Profit After Tax (PAT)	2,541.37	1,953.57	4,619.35	3,212.73	2,027.70

Cash Flow Summary (₹ in Million)

Particulars	Sept 30, 2024	Sept 30, 2023	March 31, 2024	March 31, 2023	March 31, 2022
Net Cash Flow from Operating Activities	-	-	12,478.41	10,255.62	8,508.44
Net Cash Flow from Investing Activities	-	-	(132.33)	(123.05)	(96.02)
Net Cash Flow from Financing Activities	-	-	-	-	-

Key Financial Ratios

• Earnings Per Share (Basic): ₹0.56 (Sept 2024), ₹1.02 (FY24).

• Net Asset Value Per Share: ₹13.14 (Sept 2024), ₹12.53 (FY24).

• Return on Net Worth: 4.29% (Sept 2024), 8.18% (FY24).

• Debt to Equity Ratio: 0.62 (Sept 2024), 0.66 (FY24).

5. Key Risks

• Operational Risks: Heavy reliance on retail store expansion and consumer demand; competition from both organized and unorganized retail.

• Market Risks: Price volatility and consumer preferences can adversely impact growth.

• Economic Risks: Inflation, interest rates, and external shocks can affect consumer spending.

• Regulatory Risks: Compliance with SEBI and other statutory bodies.