Indian supermarket chain Vishal Mega Mart The private has picked up banks, moving ahead with a planned initial public offering in Mumbai this year, according to people familiar with the matter.
Chose Vishal Mega Mart Kotak Mahindra Bank Limited and ICICI Bank Ltd. will help arrange a share sale as soon as the fourth quarter of this year, said the people, asking not to be identified because the deliberations are private. It is owned by private equity firms Partners Group Holding AG and Kedra Capital, and the IPO will allow them to reduce their stake, the people said.
Other banks are also likely to be roped in to work on the IPO, the people said. He said the Gurugram-based company could raise between $850 million and $1 billion in the offering.
A representative of Kedra declined to comment, while Partners Group, Kotak, ICICI and Vishal Mega Mart did not immediately respond to requests for comment outside business hours.
Switzerland-based Partners Group and India-focused private equity firm Kedaara bought Vishal Mega Mart from investment firm TPG Capital for an undisclosed amount in 2018. Vishal Mega Mart offers a private label, fashion and general merchandise, and food and groceries.
India has become a fast-growing market for deals including IPOs as global investors look to tap its growth potential. Automakers, electric-scooter makers and information technology companies are among those considering IPOs this year.
Chose Vishal Mega Mart Kotak Mahindra Bank Limited and ICICI Bank Ltd. will help arrange a share sale as soon as the fourth quarter of this year, said the people, asking not to be identified because the deliberations are private. It is owned by private equity firms Partners Group Holding AG and Kedra Capital, and the IPO will allow them to reduce their stake, the people said.
Other banks are also likely to be roped in to work on the IPO, the people said. He said the Gurugram-based company could raise between $850 million and $1 billion in the offering.
A representative of Kedra declined to comment, while Partners Group, Kotak, ICICI and Vishal Mega Mart did not immediately respond to requests for comment outside business hours.
Switzerland-based Partners Group and India-focused private equity firm Kedaara bought Vishal Mega Mart from investment firm TPG Capital for an undisclosed amount in 2018. Vishal Mega Mart offers a private label, fashion and general merchandise, and food and groceries.
India has become a fast-growing market for deals including IPOs as global investors look to tap its growth potential. Automakers, electric-scooter makers and information technology companies are among those considering IPOs this year.
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