Marri Retail Files IPO Papers to Raise Rs 522 Crore; Plans Expansion

• Marri Retail, an apparel and jewellery retailer, has filed preliminary papers with Sebi for an IPO.
• The IPO comprises a fresh issue of shares worth Rs 522 crore and an Offer For Sale (OFS) of 2.7 crore shares by promoter Marri Venkat Reddy.
• Proceeds from the fresh issue will fund debt payment, open 10 new apparel stores, one integrated retail store, and two new standalone jewellery stores.
• The company may consider a pre-IPO placement of up to Rs 104.4 crore, which would reduce the fresh issue size.
• Marri Retail operates 34 stores across 26 districts in Telangana, Andhra Pradesh, Karnataka, and Maharashtra under brands like 'The Chennai Shopping Mall' and 'J.C. Brothers'.

Why It Matters: Marri Retail seeks Rs 522 crore via IPO for debt reduction and significant retail expansion across states.