More Retail eyes Rs 2,000 cr from IPO in 2026, chalks out expansion plans
Kolkata:
More is likely to raise Rs 2,000 crore through a primary issue in its proposed public offering, expected between April and Dec 2026. The promoters' stake is likely to be diluted by 10% following the IPO, More CEO Vinod Nambiar said on Monday.
and Amazon are the two main promoters of More, along with some HNI and family offices.
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Samara holds 51% in the holding company of More Retail, while Amazon holds 48%. Samara bought More from Aditya Birla Group a few years back for Rs 4,300 crore. Samara and Amazon gave Rs 900 crore to More for funding losses. In the last two months, the promoters funded another Rs 150 crore for expansion.Nambiar said the IPO would most likely be through a fresh issue of shares and chances of an offer for sale from promoters were less.
"Both our promoters are optimistic about the business and long-term prospects," he said.The proceeds from the IPO may be used to retire some debt as well as for expansion, Nambiar added. Currently, the company has a debt of Rs 500 crore. By the IPO, it wants to reduce the debt by at least Rs 250 crore. "After the IPO, we want to have minimum debt," he said.Nambiar claimed that the company would become EBITDA positive before the IPO. He expected an EBITDA of Rs 60 crore in FY 26. However, it would take some time for the company to become PAT (profit after tax) positive.More reported a negative Rs 60 crore EBITDA in FY 25, which was even more in FY 24. According to him, More has a revenue of Rs 4,985 crore in FY 25 and had set a target of Rs 6,000 crore revenue by FY 26 and Rs 7,500-8,000 crore by FY 27.Elaborating on expansion, Nambiar said in the next five years, More would have 3,000 stores from the current level of 775. In Bengal, More has 109 stores and would add 40 more in the current fiscal year. In FY 27, it would further add 50 stores in the state. "Now, our focus would be on B, C and D category towns in Bengal as well as nationally," he added.
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