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Supermarket chain Patel Retail files preliminary papers for IPO

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Maharashtra-based supermarket chain Patel Retail Ltd has filed preliminary papers with capital markets regulator SEBI to raise funds via initial public offerings (IPO), as per a report by Moneycontrol

The IPO is a mix of a fresh issue of 90.18 lakh equity shares by the company and an offer-for-sale (OFS) of 10.02 lakh shares by promoters Dhanji Raghavji Patel and Bechar Raghavji Patel.

Dhanji Patel will offload 7.68 lakh equity shares and Bechar Patel 2.34 lakh shares via OFS.

Established in 2007, Patel Retail operates a retail supermarket chain in tier-II and tier-III cities and nearby suburban areas, plans to spend Rs 60 crore out of the net fresh issue proceeds for repaying debts, Rs 115 crore for working capital requirements, and the remaining funds for general corporate purposes. The retailer operates  31 stores as of 2023.  The retail chain has earned a revenue exceeding INR 10,000M.

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