Amazon-backed grocer Extra Retail weighing India IPO at $5 billion worth


More Retail Pvt., an Indian grocery chain backed by Inc., is contemplating an preliminary public providing that would worth the corporate at as a lot as $5 billion, in keeping with folks with information of the matter.

The corporate is weighing a first-time share sale in Mumbai as early as June, the folks stated, asking to not be recognized as the knowledge isn’t public. Extra Retail may increase as a lot as $500 million in an inventory, which might consist largely of latest shares, one of many folks stated.

Witzig Advisory Companies Pvt. acquired Extra Retail in 2019 from billionaire Kumar Mangalam Birla’s Aditya Birla Group, in keeping with the retail chain’s web site. Witzig is owned by Amazon and Samara Capital Companions.

Deliberations are at an early stage and particulars such because the timing and measurement may change, the folks stated. A consultant for Samara Capital declined to remark, whereas a consultant for Extra Retail didn’t instantly reply to requests for remark.

The 25-year-old firm operates greater than 600 retail shops together with supermarkets and hypermarkets, promoting groceries and each day family merchandise from cooking oil to Indian spices, the web site exhibits.

Extra Retail would be part of a robust pipeline of Indian firms contemplating IPOs subsequent yr. State-backed insurance coverage large Life Insurance coverage Corp. of India, in addition to Flipkart On-line Companies Pvt., the Indian e-commerce agency managed by Walmart Inc. and digital schooling startup Byju’s are among the many corporations getting ready for first-time share gross sales.

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