Ratnadeep Retail files IPO papers with SEBI; eyes ₹400 crore via fresh issue

Supermarket chain Ratnadeep Retail has filed a draft red herring prospectus (DRHP) with capital markets regulator SEBI to raise funds through an initial public offering (IPO) consisting of a fresh issue of shares valued at ₹400 crore.

Apart from the fresh issue, there will be an offer for sale (OFS) component of 14,860,000 shares by promoters Sandeep Agarwal, Mitesh Bhartiya and Manish Bhartiya.

Proceeds from the fresh issuance will fund repayment of certain loan facilities, establishing new stores and general corporate purposes.

"Our company expects to receive the benefits of listing of the equity shares on the stock exchanges, including to enhance our brand image and name among our existing and potential customers and creation of a public market for the equity shares in India," according to the DRHP.

The company, in consultation with merchant bankers, may consider a pre-IPO placement of up to ₹80 crore. If successful, the size of the fresh issue will be reduced accordingly.

Motilal Oswal Investment Advisors, DAM Capital Advisors and Axis Capital are the issue's book-running lead managers, while KFin Technologies is the registrar.

Ratnadeep Retail is an organised retailer focused on grocery, food and fashion consumption, serving the daily needs of customers in the states of Telangana, Andhra Pradesh and Karnataka. Its product portfolio consists of over 30,000 stock-keeping units (SKUs) across fresh produce (like vegetables, dairy, fruits and perishable products), fast-moving consumer goods, staples, general merchandise and apparel.

As of March 2026, it operated 190 stores under two formats: 1) Ratnadeep, consisting of ‘Ratnadeep - Mindful Living’ (neighbourhood supermarkets) and ‘Ratnadeep Select’ (premium food stores), and (ii) National Mart, a value-led hypermarket format. It also runs online platform, 'RD Click'.

"As of March 31, 2026, we operated 173 stores under the Ratnadeep format with an aggregate retail business area of 0.75 million square feet and 17 stores under National Mart with an aggregate retail business area of 0.46 million square feet," the preliminary papers said.