Kolkata, May 12 – Amazon and Samara Capital-backed supermarket chain More Retail is gearing up for a public listing, with plans to raise around ₹2,000 crore through an Initial Public Offering (IPO) in calendar year 2026, a top company official revealed on Monday.
IPO Strategy: Fresh Capital, Minimal Promoter Offloading
The proposed IPO will primarily comprise fresh capital infusion, as promoters Samara Capital (holding 51%) and Amazon (holding 48%) are unlikely to dilute their stakes. The remaining shareholding lies with various family offices.“We are looking at an IPO in 12 to 18 months, depending on valuation and market conditions. The expected promoter dilution is about 10%,” said Vinod Nambiar, Managing Director of More Retail.
Fund Utilisation: Expansion and Debt Clearance
Proceeds from the IPO will support the company's expansion plans and debt reduction. More Retail aims to scale its store count to 3,000 by 2030, while working toward becoming nearly debt-free. Its current debt stands at approximately ₹500 crore, including loans and non-convertible debentures (NCDs).Over the last five years, Samara Capital and Amazon have invested ₹900 crore, in addition to their ₹4,300 crore acquisition cost. In the past 120 days alone, the company raised ₹150 crore from family offices to benchmark its valuation, Nambiar said.
Financial Outlook: EBITDA-positive by FY26
More Retail is expected to turn EBITDA-positive with ₹60 crore profit in FY26, bouncing back from a ₹65 crore EBITDA loss in FY24, as per Ind AS accounting standards. Full PAT-level profitability is projected within two years.Amazon Fresh Partnership Strengthens
The retailer is deepening its strategic partnership with Amazon Fresh. Currently, 270 stores serve Amazon Fresh, with this number projected to increase to 370 by July and 500–600 by fiscal-end, Nambiar added.Expansion Plans: Smaller Towns and Dark Stores
The company, currently operating nearly 1,100 stores, is also ramping up its offline and hybrid retail network. Its ‘dark store’ count, which caters solely to online orders, will grow from 40 to 100 outlets by FY26.Expansion will focus on Tier 2 and Tier 3 towns, with Jharkhand and Odisha joining More Retail’s network this fiscal. The company already has a strong footprint in South India, West Bengal, Punjab, Haryana, and the NCR, though it has exited Mumbai and Delhi city.
West Bengal: A Strategic Market
Highlighting West Bengal as a key market, Nambiar said More Retail currently operates 109 stores in the state and plans to add 90 more outlets over the next two years, making it the largest retailer in West Bengal by store count.The IPO and expansion plans position More Retail for significant growth, leveraging Amazon’s digital capabilities and Samara Capital’s retail expertise.