Amazon-backed grocer More Retail weighing India IPO at $5 billion value | Mint
Active Stocks
Wed Feb 28 2024 15:59:21
  1. Tata Motors share price
  2. 957.75 -0.52%
  1. Tata Steel share price
  2. 140.75 -2.36%
  1. HDFC Bank share price
  2. 1,408.15 -0.87%
  1. Power Grid Corporation Of India share price
  2. 279.55 -4.43%
  1. ITC share price
  2. 408.60 -0.62%
Business News/ Companies / News/  Amazon-backed grocer More Retail weighing India IPO at $5 billion value
BackBack

Amazon-backed grocer More Retail weighing India IPO at $5 billion value

More Retail could raise as much as $500 million in a listing, which would consist largely of new shares

The company operates over 600 retail stores including supermarkets and hypermarkets, selling groceries and daily household products from cooking oil to Indian spices (image for representation). (REUTERS)Premium
The company operates over 600 retail stores including supermarkets and hypermarkets, selling groceries and daily household products from cooking oil to Indian spices (image for representation). (REUTERS)

More Retail Pvt., an Indian grocery chain backed by Amazon.com Inc., is considering an initial public offering that could value the company at as much as $5 billion, according to people with knowledge of the matter.

The company is weighing a first-time share sale in Mumbai as early as June, the people said, asking not to be identified as the information isn’t public. More Retail could raise as much as $500 million in a listing, which would consist largely of new shares, one of the people said.

Witzig Advisory Services Pvt. acquired More Retail in 2019 from billionaire Kumar Mangalam Birla’s Aditya Birla Group, according to the retail chain’s website. Witzig is owned by Amazon and Samara Capital Partners.

Deliberations are at an early stage and details such as the timing and size could change, the people said. A representative for Samara Capital declined to comment, while a representative for More Retail did not immediately respond to requests for comment.

The 25-year-old company operates more than 600 retail stores including supermarkets and hypermarkets, selling groceries and daily household products from cooking oil to Indian spices, the website shows.

More Retail would join a strong pipeline of Indian companies considering IPOs next year. State-backed insurance giant Life Insurance Corp. of India, as well as Flipkart Online Services Pvt., the Indian e-commerce firm controlled by Walmart Inc. and digital education startup Byju’s are among the firms preparing for first-time share sales.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

This story has been published from a wire agency feed without modifications to the text.

Catch all the Corporate news and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 13 Dec 2021, 05:33 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App