Vishal Mega Mart, the chain of supermarkets across the country made their stock market debut on Wednesday. The company raised $944 million in what marks India’s last major IPO of 2024. Trading opened at ₹107, a 37% premium to the IPO price of ₹78 apiece, and climbed to an early high of ₹111.2. As per reports, the sale drew bids for over 27 times the shares offered last week.

With a network of over 600 stores nationwide, Vishal Mega Mart caters primarily to middle- and lower-income consumers. Its emphasis on value pricing and 75% stores in second-tier cities and smaller towns, gives it an edge in a competitive retail landscape. 

The retailer stems half its revenue from general merchandise and FMCG products, with apparel making up the rest. It reported a profit of ₹4.6 billion on revenue of ₹89.1 billion for the year ending March 2023, according to its IPO prospectus.

The IPO secured $283 million from anchor investors, including Singapore’s government and funds managed by Nomura and BlackRock, valuing the Gurugram-based firm at $4 billion. The success caps a strong year for India’s equity markets, where over 300 companies raised nearly $18 billion through first-time share sales.