Mumbai: Indian grocery chain Vishal Mega Mart Pvt has chosen some of the country's most prestigious banks to assist in setting up a share sale for its proposed initial public offering (IPO) in financial capital umbai this year.

The company, which was acquired by Switzerland-based Partners Group and India-focused private equity firm Kedaara in 2018 for an undisclosed sum from TPG Capital, is expected to raise anywhere from $850 million to $1 billion through the IPO. 

The IPO would enable private equity companies Partners Group Holding AG and Kedaara Capital to reduce their interests. Vishal Mega Mart offers clothing, luggage, and household appliances under its brand. The company has a presence in value retail and significant penetration outside metros and tier 1 cities. It operates most of its outlets out of non-mall sites and has 560 locations in India.

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