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Vishal Mega Mart Ltd.’s $944 million initial public offering was fully sold on the second day of the sale, driven by strong demand from high-networth and retail investors.

The offering, one of the largest listings in India this year, drew bids for almost 1.1 times the 756.8 million shares offered at 78 rupees apiece, the top end of the price band. The portion for wealthy investors was subscribed by more than two times the number of shares kept for them.

The IPO’s success extends a stellar year for India’s booming market, one of the busiest venues globally for new listings in 2024. Over 300 firms have raised more than $17 billion from first-time share sales, set to surpass the record $17.8 billion achieved in 2021. The pipeline remains robust, with the Indian unit of LG Electronics Inc. and shadow lender HDB Financial Services Ltd. gearing up for their debuts.

Vishal Mega Mart runs a network of more than 600 stores across the country and has remained focused on the brick-and-mortar model, targeting the middle- and lower-income consumers.

Founder Samayat Services LLP is selling shares via the offering and no fresh capital is being raised by the firm, according to its IPO document.

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