Patel Retail IPO

95.15x

subscribed

Patel Retail IPO

Retailing
listed
₹13,746Min. investment
  1. Pre-apply
    14 Aug
  2. Bid start
    19 Aug
  3. Bid end
    21 Aug
  4. Allotment
    22 Aug
  5. Release of funds
    25 Aug
  6. Demat transfer
    25 Aug
  7. Listing
    26 Aug

About Patel Retail Limited

SectorRetailing
Price range₹237 – ₹255
IPO type
Regular
Lot size58 shares
Issue size₹242Cr
Red Herring Prospectus
Read
Market Cap
₹851.71CrLower than sector avg
RevenueApr 2024 - Mar 2025
₹820.69CrLower than sector avg
Growth rate3Y CAGR
6.90%Higher than sector avg

Patel Retail Limited IPO Overview

Patel Retail Limited IPO date

Patel Retail Limited IPO will open for subscription on August 19, 2025, and the closing date for the IPO is August 21, 2025. After this, investors are expected to be updated about the allotment status on August 22, 2025.

Investors who have been allotted shares can expect them to be credited to their demat account on August 25, 2025. The shares will be listed on the NSE and the BSE on Tuesday, August 26, 2025.

Patel Retail Limited IPO price band

The IPO includes a fresh issue of shares and an offer for sale. The IPO price band has been set between ₹237 to ₹255 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising a fresh issue of ₹215.91 crore and an offer for sale of ₹25.55 crore.

Patel Retail Limited IPO listing price will be determined on Aug 26, 2025. The listing price is the price at which a company’s shares debut on the stock exchanges.

Patel Retail Limited IPO lot size

Patel Retail Limited IPO details have been declared. The minimum lot size for an application is 58 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹242.76 crore.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
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Revenue
Higher revenue means strong sales and good market demand
This IPO
₹820.69Cr
This sector
₹1,764.49Cr
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3Y growth
Strong 3-year growth shows consistent progress and potential
This IPO
6.90%
This sector
0.01%
Compare with companies
PAT
Higher PAT means strong profitability and efficient cost management
This IPO
₹25.28Cr
This sector
-₹66.27Cr
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Market cap
Higher market cap means strong confidence but may suggest overvaluation
This IPO
₹851.71Cr
This sector
₹11,364.76Cr
Compare with companies
P/E ratio
Lower ratio usually means stock is undervalued
This IPO
24.76
This sector
36.95
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D/E ratio
Lower ratio usually means fewer liabilities
This IPO
1.34
This sector
0.83
Compare with companies

Objectives

Working capital requirements
53.00%
Repayment of loans
27.30%
General corporate purposes
19.70%

Strength and Weakness

Scalable and cluster-based retail expansion

The company has expanded its retail footprint from 30 stores in FY23 to 43 stores as of May 2025, primarily in tier-III cities and suburban pockets within Maharashtra’s Thane and Raigad districts. Retail space also grew from 1.22 lakh sq. ft. in FY23 to 1.74 lakh sq. ft. in FY25, with consistently healthy sales per sq. ft. of ~₹21,000+.

Efficient inventory and IT-driven operations

Patel Retail's inventory turnover ratio, a key efficiency metric, stood at 5.18x in FY25, an improvement over 7.39x in FY23 due to optimisation in inventory levels. The company offers 10,000+ SKUs per store and leverages data analytics for procurement and pricing. Additionally, losses from pilferage were brought down drastically from ₹0.97 crores in FY21 to ₹0.08 lakhs in FY25, reflecting robust internal controls.

Large-scale procurement

With access to 1,500+ farmers and aggregators, Patel Retail ensures a stable supply of raw materials. Storage infrastructure includes dry storage capacity of 3,040 MT, cold storage capacity of 3,000 MT, and additional capacity of 8,500 MT at Facility 1 and 11,000 MT at Facility 2. The company has also leased 7.975 acres of land for future warehousing needs.

Strategically located manufacturing facilities

Patel Retail’s manufacturing units are strategically located near its retail network and sourcing regions. Its Ambernath facility in Maharashtra supports export and retail operations, while its Agri-cluster in Dudhai, Gujarat, houses multi-product units for spices, flour, pulses, and peanuts. Equipped with automated systems like cryogenic spice grinding and stoneless atta milling, these facilities ensure high-quality processing, scalability, and cost-effective production.

Diversified product portfolio

Patel Retail offers a wide range of products across food, FMCG, apparel, and home essentials through both third-party brands and its own labels like Indian Chaska and Patel Fresh. Its varied pack sizes and product categories cater to diverse consumer segments and evolving preferences.

Well-established logistics and distribution network

With a central distribution centre in Ambernath, 18 company-owned trucks, and third-party partners, the company ensures fast, cost-efficient delivery within a 60 km radius and to over 35 countries. In FY25, non-retail revenue reached ₹457.27 crore, including ₹183.76 crore domestic sales and ₹273.50 crore exports, supported by well-networked last-mile delivery and optimised stock replenishment.

About Patel Retail Limited

Patel Retail Limited is an integrated retail, manufacturing, trading, and export company with a strong presence in the grocery-led supermarket space. Incorporated in 2008, the company has grown from a single store to 43 operational outlets as of May 31, 2025, all located in the Thane and Raigad districts of Maharashtra. The company operate and manages all its stores on a lease model with an average lease period of around 5 years.
These stores follow a cluster-based expansion model, enabling cost-efficient operations, supply chain optimisation. The company primarily focus on growing its stores in tier-III cities and the suburban areas, targeting densely populated residential areas with a majority of lower-middle class, middle-class class and aspiring upper-middle-class customers with an average store size of around 4000 sq. ft. Each store carries an extensive product mix of over 10,000 SKUs, covering categories such as food staples, FMCG, personal care, apparel, and home essentials.
Patel Retail operates three strategically located facilities - one in Ambernath (Maharashtra) and two in Dudhai (Kutch, Gujarat). These plants are equipped with advanced automation, including cryogenic spice grinding to preserve aroma and colour, stoneless high-fibre atta milling, peanut blanching, sesame seed processing, and packaging lines.
In FY25, Patel Retail derived 54.14% of its revenue from non-retail operations, led by manufacturing & processing (44.01%) and trading (10.13%), while retail contributed 44.95%, with food products forming the largest share at 32.83%. On the domestic front, beyond its retail chain, Patel Retail supplies products to 500+ wholesalers and retailers, creating a diversified sales base across both B2B and B2C channels. The company is also engaged in the bulk trading of agro commodities and third-party FMCG goods, further expanding its revenue streams.
On the wholesale side, the company has built a strong network of 234 wholesalers and 72 retail outlets across nine states, with a major presence in Maharashtra and Gujarat. This channel generated ₹147.75 crore in FY25, contributing 18% of operational revenue, up from ₹80.56 crores in FY24, reflecting steady and significant B2B growth. The company sources its raw materials primarily from Agricultural Produce Market Committees (APMCs) and multiple suppliers across India. In FY25, the top 10 suppliers accounted for 15.38% of revenue from operations.
The company owns four brands: Indian Chaska, Patel Fresh, Patel Essentials, and Blue Nation, representing 17.05% of retail revenue and 7.66% of overall revenue from operations, demonstrating their growing significance in the company’s sales mix. These products span staples, spices, processed foods, and household essentials. Patel Retail operates a central distribution centre in Ambernath and a fleet of 18 in-house trucks, supplemented by third-party logistics partners. Technology also plays a critical role, with ERP-driven procurement, inventory tracking, and sales analytics enabling data-led decision-making and tighter cost control.
India’s retail sector is poised for strong growth, driven by pro-investment policies (100% FDI in food retail), a rising number of organised retailers, and expanding supermarket presence in tier II and III cities. With organised retail still under 15% of the market and sector CAGR projected at 5.27% (CY2024–33), Patel Retail’s cluster-based strategy, operating 43 stores across 17 Maharashtra cities including high-density suburban areas and key markets like Thane, Raigad, Pune, and Mumbai’s western suburbs, positions it to effectively capture growing consumer demand. India’s spice industry has also grown steadily, with production rising from 10.1 million tons in FY19 to 12 million tons in FY25 (5% CAGR). Whole spices, contributing 8.86% of the company’s FY25 revenue, highlight its market dominance and growing demand.
Now, Patel Retail Ltd is launching its initial public offering (IPO), which consists of a fresh issue worth up to ₹215.91 crore and an offer for sale of ₹25.55 crore. The total issue size of the IPO is ₹242.76 crore. Its shares will be listed on the NSE and BSE.

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Patel Retail IPO
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IPO Subscription Status

Date
QIB
NII
Retail
Total
19-Aug-25
9.92 times (X)
7.31 times (X)
5.0 times (X)
6.41 times (X)
20-Aug-25
17.5X
25.67X
16.71X
19.5X
21-Aug-25
160.87X
106.07X
41.97X
95.15X

Latest News on IPO

news logo
Upcoming IPOs: Patel Retail and Garuda Construction had filed draft IPO papers with SEBI between April and June. They received their observations last week, an update with the SEBI showed on Monday, August 26.

2 min read

news logo
Patel Retail IPO aims to raise ₹242.76 crore by offering new equity shares worth ₹217.21 crore and an offer for sale of ₹25.55 crore. The price band is fixed at ₹237 to ₹255 per share, and a lot consists of 58 shares.

3 min read

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Patel Retail IPO allotment: The initial share sale was a fresh issuance of 85.18 lakh equity shares worth ₹217.21 crore and an offer for sale of 10.02 lakh shares valued at ₹25.55 crore by promoters.

4 min read

news logo
Patel Retail IPO listing date: The initial public offer, which sought to raise ₹242.76 crore, consists of 85.18 lakh new equity shares and an offer for sale (OFS) of 10.02 lakh shares by promoters Dhanji Raghavji Patel and Bechar Raghavji Patel.

3 min read

Frequently asked questions

How to invest in the IPO?

Investors can apply for the IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Patel Retail IPO ?

The issue size of the Patel Retail IPO is 242 Cr.

What is 'pre-apply' for Patel Retail IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Patel Retail IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.