Partners Group’s investee company Vishal Mega Mart prices IPO and lists on National Stock Exchange and Bombay Stock Exchange in India

• 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 
• 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-Indian network of over 640 stores

Partners Group, 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, an entity affiliated with Partners Group sold approximately 23% of its ownership in Vishal.

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 foot-traffic 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.

Gunender Kapur, Managing Director and Chief Executive Officer, Vishal Mega Mart, comments: "Consumers and customers are at the core of our decision-making at Vishal and we remain committed to our mission of making aspirations affordable for middle- and lower middle-income India. Partners Group has been an invaluable partner in this mission, and we look forward to their continued support as we create value for all our stakeholders."

Neha Bansal, Chairperson of the Board, Vishal Mega Mart, adds: "Vishal’s strength is the use of technology and systems across our operations, ranging from product identification, sourcing and supply chain to our hyperlocal experience. I am excited to be a witness and a guide as the Company continues to cater to the aspirations of all of Bharat."

Manas Tandon, Partner, Head of Private Equity Goods & Products, Partners Group, says: "It has been a privilege to partner with the management at Vishal in its transformational growth journey. We have closely followed Vishal’s journey since 2011 and continue to have high conviction in the Company’s differentiated business model and consumer-centric approach, which generates industry-leading return on capital."

Vageesh Gupta, Managing Director, Head of Partners Group India, concludes: "Vishal has a track record of successful store growth with an average payback of 19 months for each new store opening. We believe that the exceptional management team at Vishal, with a diversified product and brand portfolio, is well-positioned to tap into the significant potential for further expansion of the Company’s store network."

Partners Group’s Private Equity business has USD 76 billion in assets under management globally.