Indian supermarket chain Vishal Mega Mart Pvt has picked banks as it presses ahead with a planned initial public offering in Mumbai this year, according to people familiar with the matter.
Vishal Mega Mart chose Kotak Mahindra Bank Ltd and ICICI Bank Ltd to help arrange a share sale as early as in the fourth quarter of this year, the people said, asking not to be identified because the deliberations are private. It is owned by private equity firms Partners Group Holding AG and Kedaara Capital, and the IPO would allow them to pare their stakes, the people said.
