Vishal Retail Ltd, which operates 50 Vishal Mega Mart stores across the country, seeks to raise Rs 110 crore through an initial public offering to fund its expansion plans.
The issue is being made through 100 per cent book building process, where in at least 60 per cent of the net issue would be allotted on a proportionate basis to qualified institutional buyers, company officials said in Ahmedabad on Saturday.
The offer opens on June 11 with a price band of Rs 230 to Rs 270 per equity share of Rs 10.
The officials said Vishal Retail targeted Tier 2 and Tier 3 cities, to offer wide range of products including footwear, toys, watches, toiletries, grocery and sports items to people belonging to the lower and middle income groups.
The company posted sales of Rs 6,02.65 crore in the last fiscal.