Capital markets regulator SEBI has approved the initial public offering of Vishal Mega Mart, ACME Solar Holdings and packaging equipment manufacturer Mamata Machinery. On the other hand, the regulator has returned the draft offer document of manpower services company Innovision. The company had proposed to raise ₹315 crore through issue of fresh shares and an Offer For Sale of up to 11.81 lakh shares.
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Vishal Mega Mart is jointly owned by Switzerland’s Partners Group and India’s Kedaara Capital and will sell shares in the offering. Partners Group and India-focused private equity firm Kedaara bought Vishal Mega Mart from investment firm TPG Capital in 2018.
VMM engages in wholesale, cash and carry trading under the ‘Vishal’ brand and grants franchise rights for Vishal Mega Mart franchise stores. The company was incorporated in 2010 and operates retail stores through its wholly-owned subsidiary, Airplaza. VMM’s consolidated revenue grew 36 per cent to ₹7,590 crore in FY23 against ₹5,580 crore in FY22, supported by an increase in the number of its showrooms and steady same-store growth.
ACME Solar Holdings plans to raise ₹3,000 crore as it maps out an aggressive expansion in the green energy space, including new power projects. The company said it has an aggregate operational solar power capacity of 1,320 MW. Another 1,500 MW of solar capacity and 150 MW of wind power capacity are under construction.
The promoters of Gujarat-based Mamata Machinery will offload 73.82 lakh equity shares through initial public offer, according to the company’s DRHP.
