Published
December 23, 2024
The Mother Fund of Nomura India’s Investment Fund has acquired a stake in value fashion and lifestyle business Vishal Mega Mart in a bulk deal. Nomura picked up three crore shares of Vishal Mega Mart on the National Stock Exchange, priced at Rs 108.32 per share.
The Nomura India Investment Fund Mother Fund’s stake acquisition in Vishal Mega Mart is valued at Rs 324.96 crore, ET Retail reported. On December 18, Vishal Mega Mart listed on the exchanges at a price of Rs 104 on the National Stock Exchange and Rs 110 on the Bombay Stock Exchange.
“Considering improving market sentiment and all other parameters, the company can list with a decent gain in the range of 20% to 25% from its issue price,” said Mehta Equities’ research analyst and senior vice president of research Prashanth Tapse, ET Markets reported. “Long term investors should consider holding the company for the long term, despite potential short term volatility and market risk. Non-allotted investors should consider accumulating shares if there are dips post listing due to profit booking attempts.”
Vishal Mega Mart retails both ethnic and western wear for men, women, and children as well as accessories and lifestyle goods, according to its Facebook page. The business mainly caters to shoppers in non-metro locations looking for value products and aims to open stores in areas where it feels the market is under-penetrated.