Amazon Co-owned More Retail Picks Advisers for Potential $300 Million IPO

Mumbai, November 18: More Retail Private Limited has moved one step closer to launch the More Retail IPO. It has appointed advisors for a potential initial public offering that could raise about $300 million.

More Retail Private Limited is one of India’s largest food and grocery retailers. The company operates a chain of stores under More Supermarkets and More Hypermarkets. It focuses on fresh food and groceries and also offers an online delivery service via its mobile app. It is co-owned by Amazon and Samara Capital Partners.

Advisory Mandates Finalised

More Retail Private Limited has appointed Avendus Capital Pvt. and ICICI Securities Ltd as advisors to begin the preparations for its IPO. Market estimates indicate that the IPO could value the company at around $2.5 billion. The discussions are at a very early stage for now, with the More Retail IPO expected to be launched next year.

Utilisation of Funds

More Retail will use the IPO proceeds for expansion. It will also use the IPO funds to reduce its debt, which is currently at ₹500 crore.

More Retail Financial Highlights

More Retail reported a negative EBITDA of ₹60–65 crore in FY25. FY26 sales are projected at around ₹6,000 crore, up from ₹5,000 crore last year. The company is aiming for a revenue target of ₹7,500–8,000 crore by FY27. More Retail has raised ₹150 crore from family offices in the last four months.

What’s Next for More Retail

The announcement of advisors is a step forward for More Retail in launching its IPO. However, the company is still looking to report a profit, and expects to be profitable by next year. The company is yet to announce key details about the More Retail IPO. Investors will have to wait for the company to file its DRHP with SEBI and announce key details.

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