India's Vishal Mega Mart Said to Pick Kotak, ICICI for Mega IPO [BNN Bloomberg (Canada)]
ICICI Bank Limited (IBN)
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Source: BNN Bloomberg
Vishal Mega Mart chose Kotak Mahindra Bank Ltd. and ICICI Bank Ltd to help arrange a share sale as early as in the fourth quarter of this year, the people said, asking not to be identified because the deliberations are private. It is owned by private equity firms Partners Group Holding AG and Kedaara Capital, and the IPO would allow them to pare their stakes, the people said. Other banks are likely to be added to work on the IPO, the people said. The Gurugram-based company could raise between $850 million to $1 billion in the offering, they said. A representative for Kedaara declined to comment, while Partners Group, Kotak, ICICI and Vishal Mega Mart did not immediately respond to requests for comment outside of business hours. 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
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