(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:
pgpe-ltd@partnersgroup.com
www.partnersgroupprivateequitylimited.com
|
Investor relations contact:
Andreea Mateescu
Phone: +41 41 784 66 73
E-mail: andreea.mateescu@partnersgroup.com
|
Media relations contact:
Jenny Blinch
Phone: +41 41 784 65 26
E-mail:
jenny.blinch@partnersgroup.com
|
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.