No one was surprised by Vishal Mega Mart’s stellar market debut last week. After all, institutional and retail investors oversubscribed 27X to the Rs 8,000 crore IPO. So when it listed at a considerable premium, most people saw it coming. But, how did the 23-year-old value retailer get to this point? Well, in the last few years, Vishal, which has 70 per cent of its stores in tier 2 and smaller cities, has managed to outpace its rivals in the same space, such as Vmart and V2 Retail. Today, it pegs itself in the same league as Dmart and Trent, despite the fact that the retailer is still much smaller in scale. But this comparison has given Vishal a compelling story to tell about itself. In this episode, we delve into Vishal Mega Mart’s current position in India’s retail landscape. Tune in. Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

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