New IPO Alert: Marri Retail files DRHP with SEBI to raise funds via public offer; check details

Marri Retail IPO: Apparel and jewellery retailer Marri Retail has filed draft red herring prospectus (DRHP) with the capital markets regulator, the Securities and Exchange Board of India, to raise funds via initial public offering (IPO).

The proposed initial share sale will be a mix of fresh issuance of shares aggregating to ₹522 crore and an offer for sale (OFS) component of 27,000,000 shares by promoter Marri Venkat Reddy, according to the preliminary papers.

The funds raised to the tune of ₹115.60 crore will be utilised for debt repayment, ₹250.50 crore for opening new stores and ₹35.84 crore for rent payments of existing stores and warehouse. The remaining funds will be used for general corporate purposes.

"Our company expects to receive the benefits of listing of the equity shares on the stock exchanges, including enhancement of our company’s brand image among our existing and potential customers and creation of a public market for our equity shares in India," the Hyderabad-based company said in its DRHP.

The firm may also consider a pre-IPO placement for up to ₹104.4 crore. If this development takes place, the fresh issue component will be cut.

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 Chennai Shopping Mall' brand in Hyderabad in 2013.

The company has 34 stores across 26 districts in Telangana, Andhra Pradesh, Karnataka, and Maharashtra. The firm operates its stores under multiple brands, including The Chennai Shopping Mall, JC Mall, J.C. Brothers and Jeans Corner in the apparel category, and The Chennai Shopping Mall Jewellers in the jewellery category.

On the financial front, Marri Retail's revenue from operations stood at ₹1,301.42 crore in the six months ended September 2025, and net profit at ₹83.52 crore.

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.