Mumbai: Retail midcap stock Vishal Mega Mart has witnessed a 9% drop in value as promoters have offloaded about 20% of its stake in the company. This translates to about 93.7 crore shares at Rs.115 per share, according to publicly available information.
The fashion-focused retailer saw its share value drop to Rs.113 as the news surfaced, witnessing a steep decline in the share price after its listing in December last year. Even though the stock value jumped more than 40% after its listing, the company has remained one of the worst performers on the Nifty Midcap 100 index.
Gurugram-based Vishal Mega Mart’s IPO had offered shares in the Rs.74-78 per share range and was oversubscribed 27.28 times when the bidding closed. This IPO was an Offer for Sale (OFS) issue, with no new shares being issued.
In the March 2025 quarter, Vishal Mega Mart had reported a 88% YoY rise in net profit to Rs.115.1 crore from Rs.61.2 crore last year. Revenues have also risen 23.2% to Rs.2,547.9 crore from Rs.2,068.9 crore in Q4 FY24.
Vishal Mega Mart operates 626 stores across India as well as its own website and mobile app. Its product range includes apparel, general merchandise and FMCG products amongst others.
According to earlier reports, the promoters were looking to sell about 45.9 crore shares and eventually increased the offer later. Vishal Mega Mart is currently valued at about Rs.54,122 crore.
