More Retail Eyes ₹2,000 Cr IPO in 2026, Eyes 3,000 Stores by 2030

Supermarket chain More Retail, backed by Amazon and Samara Capital, is preparing to launch a ₹2,000 crore initial public offering (IPO) between April and December 2026. The issue will largely consist of a fresh issuance of equity, with no significant offer-for-sale component, signaling strong promoter confidence in the company’s long-term growth prospects.

The IPO is expected to result in a modest 10% dilution in promoter holding. Samara Capital and Amazon currently own 51% and 48%, respectively. “We are looking at primary capital only. Our existing shareholders are very confident and have no intent to exit at this stage,” said Vinod Nambiar, Managing Director of More Retail, during a media interaction in Kolkata.

The funds raised will be used primarily to fuel expansion and reduce debt, which currently stands at approximately ₹500 crore. The company aims to halve this debt ahead of the listing and emerge as a minimal-debt enterprise post-IPO.

Aggressive Growth Plans

More Retail currently operates 775 stores and plans to cross 1,000 stores by FY26, with a longer-term goal of reaching 3,000 stores by 2030. The company, which has a strong presence in South India, West Bengal, Punjab, Haryana, and the NCR, is expanding into Jharkhand and Odisha this fiscal. It has exited the saturated urban centres of Delhi city and Mumbai, reallocating capital to higher-growth Tier 2 and 3 locations.

The retailer is also investing in its hybrid and online fulfilment infrastructure, with plans to increase the number of ‘dark stores’ - which serve only online orders - from 40 currently to 100 by FY26.

Additionally, its partnership with Amazon Fresh is deepening, with 270 stores currently serving Amazon’s grocery customers. This number is projected to grow to 500–600 stores by the end of the fiscal year.

Financial Performance and Turnaround

More Retail reported a negative EBITDA of ₹60–65 crore in FY25 under Ind AS accounting standards, but expects to swing to a positive EBITDA of ₹60 crore in FY26.

The company’s topline continues to scale, with revenues projected at ₹6,000 crore in FY26, up from ₹5,000 crore in the previous fiscal. It is targeting ₹7,500–8,000 crore in revenue by FY27.

While the company remains loss-making at the PAT level, management expects net profitability to be achieved within two years. “We expect to be PAT-positive by FY27,” Nambiar said.

In the lead-up to the IPO, More Retail raised ₹150 crore from family offices over the past four months, helping establish a preliminary valuation benchmark. This comes in addition to the ₹900 crore invested by Samara and Amazon over the past five years, beyond the ₹4,300 crore acquisition cost paid earlier.

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