Amazon-backed More Retail taps banks for $300M IPO

Amazon-backed More Retail taps banks for $300M IPO

More Retail, a food and grocery chain jointly owned by Amazon and Samara Capital Partners, is gearing up for an initial public offering (IPO) to raise around $300 million.

The Mumbai-based company has appointed Avendus Capital and ICICI Securities as advisers for the potential listing.

The move could value More Retail at some $2.5 billion, sources familiar with the matter told Bloomberg.

More Retail's IPO could happen as early as next year

The IPO is expected to feature a mix of fresh shares and a secondary sale by current investors.

However, the company may bring on more advisers and talks are still in the early stages. This means details like size, timing, and structure could change.

The offering could take place as soon as next year.

More Retail's expansion plans and current operations

Founded in 2007, More Retail is one of India's largest supermarket and grocery chains. As of March, it operated 767 stores across 350 cities.

The company plans to open another 150-180 stores by 2026.

In 2019, Witzig Advisory Services Pvt., a joint venture between Amazon and Samara Capital, acquired More Retail from Kumar Mangalam Birla's Aditya Birla Group.