Amazon-owned grocery to float IPO: Targets Rs 2,640 crore; know details so far

Kolkata: After having completed recasting the business, the authorities of Mumbai-based More Retail have started moving for launching an IPO, reports state. The Mumbai-based company is a food and grocery chain backed by Amazon and Samara Capital Partners. It has already appointed Avendus Capital and ICICI Securities to begin work on a public issue. The issue could contain both new shares and an OFS part.

Reports have stated that More Retail could be valued at around $2.5 billion or Rs 22,100 crore.

Though nothing has been officially revealed so far, it is clear that the public issue won't hit the market in 2025. The discussions are still at an early stage and as it happens during this stage all key information and specs of the issue such as the money to be mobilised, the timeline, the price band, lot size etc could change during the meetings. However, by all indications, the issue could hit D Street in 2026.

Retail is one of the fast growing segments in the country today. More was earlier a part of the Aditya Birla Group which renamed it after acquiring the supermarket chain Trinethra Retail in 2007. In 2019, the Aditya Birla Group sold the food and grocery chain to Witzig Advisory Services, a company backed by Samara Capital and Amazon. At the end of FY25, More Retail had as many as 767 stores in 350 cities. The company also has aggressive expansion plans and wants to open 150-180 new stores by 2026.

However, officials from More Retail, Avendus and ICICI Securities have not made any comment on the proposed issue in public so far. However, a public issue frenzy is sweeping the country since 2024 and the authorities could want to capitalize on it. According to Prime Database, companies in India have raised more than Rs 1.5 trillion from about 90 IPOs in 2025. The flood has been continuing from 2024 and experts expect it to remain so in 2026 too.