Amazon-Backed More Retail Taps Banks for $300 Million India IPO

More Retail Pvt., the nationwide food and grocery chain backed by Amazon and Samara Capital, has begun formal preparations for a potential public listing. The move marks a significant step for the company as it looks to tap India’s increasingly active IPO market. 

Advisers Appointed for Proposed Listing 

As per the news reports, the retailer has engaged Avendus Capital and ICICI Securities to work on an offering that could raise around $300 million. Early discussions suggest the IPO may include both new shares and a secondary sale by existing investors, with the business targeting a valuation close to $2.5 billion. The listing could take place as early as next year, though final details depend on how the process evolves. 

Expansion Plans and Market Landscape 

More Retail operates 767 stores across 350 cities and aims to add between 150 and 180 new outlets by 2026 as part of its nationwide growth strategy. The company was acquired in 2019 by Witzig Advisory Services, a joint venture between Amazon and Samara Capital.  

Its listing plans come at a time when India remains one of the world’s busiest IPO markets, having raised nearly $18 billion this year and approaching last year's record level. 

Read More: BLS International Wins 5-Year Contract to Operate Global Visa Centre in Slovak Republic! 

Conclusion 

The proposed IPO positions More Retail to build on its expansion momentum as India’s capital markets continue to draw strong investor interest. 

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