Marri Retail has received the Securities and Exchange Board of India’s (SEBI) approval to raise funds through initial public offering (IPO). The company's proposed IPO is a combination of a fresh issue of shares worth Rs 522 crore and an offer for sale (OFS) of 2.7 crore shares by promoter Marri Venkat Reddy.
Proceeds from the fresh issuance will be used for payment of debt, opening of 10 new apparel stores, one new apparel store with a jewellery Store-in-Store (SIS) (Integrated Retail Store), and two new standalone jewellery stores, expenses towards lease and sub-lease rent payments for existing stores and warehouses and general corporate purposes. Nuvama Wealth Management, IIFL Capital Services and Motilal Oswal Investment Advisors have been appointed as merchant bankers to manage the company's maiden public offering.
Marri Retail commenced apparel retail business as a proprietorship under the brand name 'Jeans Corner' in 1999 and entered the large-format retail segment by launching the first shopping mall under the ‘The Chennai Shopping Mall’ brand in Hyderabad in 2013.
