The company will not issue new shares in the IPO and will not receive any proceeds. Only an existing shareholder, Samayat Services, will sell shares, according to the IPO filingIndian budget supermarket chain Vishal Mega Mart on Thursday filed papers for an 80 billion rupee ($952 million) initial public offering, joining a growing list of companies tapping the country's bustling capital market. Only an existing shareholder, Samayat Services, will sell shares, according to the IPO filing. Founded in 2001, Vishal Mega Mart started off as a small clothing store, and now has 600 stores, mainly in smaller cities, that sell clothes and grocery items. Vishal Mega Mart received approval for its public offering from the Securities and Exchange Board of India last month after a confidential filing earlier in the year.
