Hyderabad based Marri Retail gets SEBI nod for Rs 522-cr IPO
Hyderabad, July 10 (TNT): Hyderabad-based Marri Retail Limited has received observations from the Securities and Exchange Board of India (SEBI) for its proposed Initial Public Offering (IPO), clearing the way for the public issue.
The company had filed its draft red herring prospectus (DRHP) with the market regulator on February 2, 2026.
The IPO, with a face value of Rs 2 per equity share, comprises a fresh issue of shares aggregating up to Rs 522 crore and an offer-for-sale (OFS) of 27 million equity shares by promoter Marri Venkat Reddy, the company said in a release here.
According to the DRHP, proceeds from the fresh issue will be used to repay or prepay borrowings, invest in store expansion, meet lease rental obligations and for general corporate purposes.
The company plans to utilise Rs 115.6 crore for repayment of outstanding borrowings, Rs 250.5 crore towards opening 10 new apparel stores, one integrated apparel and jewellery store, and two standalone jewellery stores, while Rs 35.8 crore will be used for lease and sub-lease rental payments for certain existing stores and a warehouse.
Marri Retail may also undertake a pre-IPO placement of up to Rs 104.4 crore. If completed, the size of the fresh issue will be reduced accordingly.
The issue is being made through the book-building process, with up to 50 per cent of the net offer reserved for qualified institutional buyers (QIBs), at least 15 per cent for non-institutional investors (NIIs) and at least 35 per cent for retail investors.
Marri Retail is a multi-brand apparel and jewellery retailer operating across Telangana, Andhra Pradesh, Karnataka and Maharashtra. The company began operations as Jeans Corner in 1999 and entered the large-format retail segment by launching its first The Chennai Shopping Mall in Hyderabad in 2013.
As of September 30, 2025, the company operated 34 stores with a total retail space of about 0.98 million square feet across 26 districts.
Its retail brands include The Chennai Shopping Mall, JC Mall, J.C. Brothers, Jeans Corner, and The Chennai Shopping Mall Jewellers.
The retailer offers more than 500 apparel articles, including private-label products, and 259 jewellery articles, positioning itself as a family shopping destination.
For the six months ended September 30, 2025, the company reported revenue from operations of Rs 1,301.42 crore and a net profit of Rs 83.52 crore. Revenue from operations for FY25 stood at Rs 2,456.27 crore, compared with Rs 1,900.84 crore in FY23.
Nuvama Wealth Management Ltd, IIFL Capital Services Ltd and Motilal Oswal Investment Advisors Ltd are the book-running lead managers to the issue.
The company’s equity shares are proposed to be listed on the BSE and NSE.
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