Vishal Mega Mart lists on Stock Exchanges in India

Partners Group Private Equity Ltd

20 December 2024

 

(LSE: PEYS/PEY)

Partners Group Private Equity Limited

Investee company Vishal Mega Mart prices IPO and lists on National Stock Exchange and Bombay Stock Exchange in India

·    Vishal Mega Mart is the largest investee company of PGPE Ltd

·    Vishal Mega Mart priced its IPO of 1,026 million shares of common stock at INR 78 per share, giving a fully diluted equity value of INR 370 billion 

·    PGPE Ltd has sold approximately 23% of its underlying investment in Vishal with an uplift of 36% compared to the last published monthly report (31 October 2024)

·    After Vishal's first trading day on the Stock Exchanges, PGPE Ltd's interest in the company represents an uplift of around 79% to the last published monthly report (31 October 2024) amounting to a total exposure of approximately EUR 97.9 million

·    The shares are listed on both the National Stock Exchange (Ticker NSE: VMM) and Bombay Stock Exchange (Ticker BSE: 544307)

·    Vishal Mega Mart is a one-stop shopping destination for middle- and lower-middle income consumers, operating a pan-India network of over 640 stores

Partners Group, the Investment Manager of PGPE Ltd and one of the largest firms in the global private markets industry, acting on behalf of its clients, announces that shares in its investee company Vishal Mega Mart ("Vishal" or "the company"), a leading retailer in India, began trading on the National Stock Exchange and Bombay Stock Exchange in India on 18 December 2024. Vishal Mega Mart's stock is listed under the ticker "NSE: VMM" on the National Stock Exchange and "BSE: 544307" on the Bombay Stock Exchange.

Vishal priced its IPO of 1,026 million shares of common stock at INR 78 per share, giving a fully diluted equity value of INR 370 billion. As part of the IPO, PGPE Ltd has sold approximately 23% of its underlying investment in Vishal with an uplift of 36% compared to the last published monthly report (31 October 2024), which results in an expected distribution of EUR 18.7 million. Based on the closing price of INR 111.93 after Vishal's first trading day on the Stock Exchanges, PGPE Ltd's interest in the company represents an uplift of around 79% to the last published monthly report (31 October 2024) amounting to a total exposure of approximately EUR 97.9 million.  PGPE Ltd is not expected to receive proceeds in the short-term for the approximately remaining 77% of its ownership in Vishal, while a lock-up period[i] in connection with the IPO has been agreed upon for pre-IPO stockholders.

Vishal is a one-stop shopping destination for middle- and lower-middle income consumers in India, serving a target market of around 225 million households and over 945 million individuals. Vishal serves its customers through a pan-Indian network of more than 640 stores with a total footprint of 11.5 million sq. ft. of retail space. Vishal curates a diverse range of merchandize across three major product categories: apparel, general merchandise, and fast-moving consumer goods. This is achieved through Vishal's own portfolio of brands as well as third-party brands to fulfil the daily and aspirational requirements of consumers with a focus on variety, affordability, quality, and convenience. The thematic tailwinds that enabled Partners Group to originally build conviction in Vishal's growth prospects remain in place today. This includes rising economic growth in India leading to higher disposable incomes, accelerating urbanization driving increased footfall at retail outlets, and expanding populations in Tier-2 cities and beyond.

Partners Group's investment in Vishal took place in 2018 and the company has since demonstrated a period of strong growth, with EBITDA rising over 55% in the last two years and revenues more than 60%. This reflects the successful execution of several transformational value creation initiatives, including store expansion, double-digit same-store sales growth, and the implementation of operational efficiency improvements.

Further information is available in the press release issued by Partners Group.

Ends.

About Partners Group Private Equity Limited

PGPE Ltd (formerly Princess Private Equity Holding Limited) is an investment holding company founded in 1999 and domiciled in Guernsey. It invests in private equity direct investments. PGPE Ltd is managed in its investment activities by Partners Group, a global private markets investment management firm with USD 149 billion in investment programs under management in private markets, of which USD 76 billion is in private equity. PGPE Ltd aims to provide shareholders with long-term capital growth and an attractive dividend yield. PGPE Ltd is traded on the Main Market of the London Stock Exchange (ticker: PEY for the Euro Quote; PEYS for the Sterling Quote).

Contacts

Partners Group Private Equity Limited:

[e-mail]

www.partnersgroupprivateequitylimited.com

Investor relations contact: Andreea Mateescu Phone: [phone] E-mail: [e-mail]

Media relations contact: Jenny Blinch Phone: [phone] E-mail: [e-mail]

Registered Number: 35241   LEI: 54930038LU8RDPFFVJ57

Notes:

1.     Note that references in this announcement to Partners Group Private Equity Limited have been abbreviated to "PGPE Ltd" or "Company". References to Partners Group AG have been abbreviated to "Partners Group" or "Investment Manager".

2.     This document does not constitute an offer to sell or a solicitation of an offer to buy or subscribe for any securities and neither is it intended to be an investment advertisement or sales instrument of Partners Group Private Equity Limited. The distribution of this document may be restricted by law in certain jurisdictions. Persons into whose possession this document comes must inform themselves about and observe any such restrictions on the distribution of this document. In particular, this document and the information contained therein is not for distribution or publication, neither directly nor indirectly, in or into the United States of America, Canada, Australia or Japan.

3.     This document may have been prepared using financial information contained in the books and records of the product described herein as of the reporting date. This information is believed to be accurate but has not been audited by any third party. This document may describe past performance, which may not be indicative of future results. No liability is accepted for any actions taken on the basis of the information provided in this document. Neither the contents of PGPE Ltd' website nor the contents of any website accessible from hyperlinks on PGPE Ltd' website (or any other website) is incorporated into, or forms part of, this announcement.

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[i] 80% of PGPE Ltd's shares in the company have a regulatory lock-up period of 6months and the remaining 20% a lock-up period for an additional 12 months.

 

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