Amazon-Backed Grocer Weighs India IPO at $5 Billion Value

Amazon-Backed Grocer Weighs India IPO at $5 Billion Value
A woman wears a mask amid social distancing during the COVID-19 outbreak while shopping the well stocked produce section. (LM Otero/Associated Press)

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More Retail, an Indian grocery chain backed by 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 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.


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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, 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.

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