Vishal Mega Mart in talks with Kotak Mahindra, ICICI Bank for IPO this year?

ishal Mega Mart has reportedly picked Kotak Mahindra Bank and ICICI Bank as it presses ahead with a planned initial public offering this year.

The lenders will help the supermarket chain arrange a share sale as early as in the fourth quarter of this year, a Bloomberg report quoted as saying. The Gurugram-based company is expected to raise between $850 million to $1 billion in the offering, the report added.

BT could not independently verify the report. 

Partners Group, based in Switzerland, and India-focused private equity firm Kedaara bought Vishal Mega Mart from investment firm TPG Capital in 2018 for an undisclosed amount. 

Vishal Mega Mart offers a private label, fashion and general merchandise, and food and groceries.

Three IPOs from the SME segment will hit Dalal Street next week. These include DCG Wires and Cables IPO, which is eyeing Rs 49.99 crore, then Teerth Gopicon IPO and Uttar Pradesh-based Greenhitech.