Amazon-backed More Retail considering IPO to raise up to $500 mn: Report

Witzig Advisory Services Pvt, owned by Amazon and Samara Capital Partners, acquired More Retail in 2019 from Kumar Mangalam Birla's Aditya Birla Group

More Retail Pvt., an Indian grocery chain backed by Amazon.com 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 Pvt. acquired More Retail in 2019 from billionaire Kumar Mangalam