Manas Tandon and Nishant Sharma, two visionary investors, have emerged as the biggest winners from Vishal Mega Mart’s blockbuster stock market debut on December 18.

The retail chain store shares soared 33.3% above the IPO price of ₹78 at listing and ended the day with a staggering 45% gain, delivering combined gains of nearly $5 billion for its early backers.

Tandon, Head of Private Equity for Goods & Products at Partners Group, saw his returns exceed $3 billion, while Sharma, Founder & Managing Partner at Kedaara, pocketed $1.6 billion.

The gains underscore the success of their strategic bets on Vishal Mega Mart, which has grown from 200 stores in 2018 to over 650 stores in FY24, generating revenues of approximately ₹8,900 crore.

The ₹8,000 crore IPO was oversubscribed 27 times, drawing bids worth ₹1.6 lakh crore during its three-day subscription period. The emphatic listing has cemented Vishal Mega Mart’s status as a retail powerhouse, delivering a windfall for its investors.

The blockbuster ₹8,000 crore IPO, oversubscribed by 27 times, attracted bids worth over ₹1.6 lakh crore during its three-day subscription period.

With such an emphatic listing, Vishal Mega Mart has delivered a windfall to its early backers. Yet, as Tandon and Sharma reflect on their journey, they view this success not as an endpoint but as the start of a new chapter for the company and its shareholders.

Speaking to CNBC-TV18, Sharma attributed the success to the company’s scalable and customer-centric business model.

“Vishal Mega Mart is a perfect example of compounding. Its ‘box model’—a retail store format offering aspirational yet affordable apparel, general merchandise, and FMCG products—has been central to its success in catering to Bharat’s needs,” Sharma said.

Both Tandon and Sharma reiterated their long-term commitment to the company, highlighting their belief in sustainable, compounding growth.

“We’ve been patient investors, holding businesses for up to a decade or more,” Sharma added, signaling confidence in Vishal Mega Mart’s potential to deliver consistent value for shareholders in the years ahead.