Hyderabad-based Ratnadeep Retail Limited, an organised food, grocery and value-fashion retailer with operations across Andhra Pradesh, Telangana and Karnataka, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).
According to the DRHP, the proposed IPO comprises a fresh issue of equity shares worth up to Rs 400 crore and an Offer for Sale (OFS) of up to 1,48,60,000 equity shares by the promoter selling shareholders. The promoters participating in the OFS are Sandeep Agarwal, Manish Bhartiya and Mitesh Bhartiya.
The company plans to utilise Rs 40 crore from the net proceeds of the fresh issue towards the repayment or prepayment of certain borrowings, while Rs 260 crore will be invested in expanding its retail footprint by setting up new stores under the Ratnadeep and National Mart formats. The remaining proceeds will be used for general corporate purposes.
Ratnadeep Retail offers a diversified portfolio of more than 30,000 stock-keeping units (SKUs) spanning fresh produce, fast-moving consumer goods (FMCG), staples, general merchandise and apparel. The wide assortment enables the company to cater to both essential and discretionary consumer spending.
As of March 31, 2026, the retailer operated 190 stores across its two formats. Its Ratnadeep brand includes 'Ratnadeep – Mindful Living', a neighbourhood supermarket format, and 'Ratnadeep Select', which focuses on premium food retailing. The company also operates National Mart, a value-led hypermarket chain that houses Style Mart, its affordable fashion retail offering.
The company may also undertake a pre-IPO placement of equity shares worth up to Rs 80 crore, in consultation with the book-running lead managers (BRLMs), before filing the Red Herring Prospectus with the Registrar of Companies (RoC). If completed, the size of the fresh issue will be reduced by the amount raised through the pre-IPO placement.
On the financial front, Ratnadeep Retail reported revenue from operations of Rs 2,223 crore in FY26, reflecting a 15% CAGR since FY24. The company posted a profit after tax (PAT) of Rs 36.7 crore during the fiscal.
According to the DRHP, the company's listed peers include Avenue Supermarts, Vishal Mega Mart, Spencer's Retail and Trent.
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