Marri Retail IPO

About Marri Retail IPO

Marri Retail IPO opens on TBA and closes on TBA. The allotment of shares will take place on TBA. The credit of shares to the Demat account will take place on TBA. The initiation of refunds will take place on TBA. The listing of shares will take place on TBA.

The IPO of Marri Retail comprises a fresh issue aggregating up to ₹522 crores. There is also an offer for sale in this IPO of up to 27,000,000 equity shares. The lot size of shares in the IPO is TBA and the price band of shares is TBA per share.

The minimum investment amount required by a retail investor is TBA based on the upper price. The minimum lot for retail investors is TBA (XXX shares).

Marri Retail is an apparel and jewellery retailer operating stores under multiple brands, offering a comprehensive and well-diversified product portfolio across a wide range of price points, including premium, mid-premium and value.

It provides a comprehensive shopping experience that meets diverse lifestyle needs for weddings, festive occasions, and everyday use.

Objectives of Marri Retail IPO

The company proposes to utilise the IPO proceeds for:

• Repayment/ prepayment, in full or part, of all or certain outstanding borrowings availed by the company
• Capital expenditure to be incurred towards opening of 10 new apparel stores, one new apparel store with jewellery SIS (“Integrated Retail Store”) and two new standalone jewellery stores
• Expenditure for lease/sub lease rent payments for certain of its existing stores and warehouse
• General corporate purposes

Industry Outlook

The Indian retail market spans a wide range of categories, including food and grocery, apparel, jewellery, consumer electronics, home décor, and more. Valued at ₹59,677 billion in fiscal 2020, the market expanded at a CAGR of roughly 9.1% to reach ₹92,312 billion in fiscal 2025.

Looking ahead, it is projected to grow at a CAGR of 10.2% between fiscal 2025 and fiscal 2030, reaching an estimated ₹1,49,992 billion by fiscal 2030. This growth is supported by rising disposable incomes, an expanding middle-class population, increasing penetration of online and organised retail, and expansion and growth in Tier II and Tier III cities, among other factors.

On the other hand, the Indian apparel market was valued at ₹6,903 billion in fiscal 2025 and is projected to grow at a CAGR of roughly 12% through fiscal 2030, reaching ₹12,100 billion. This expansion is fuelled by rising demand for both value and premium fashion, higher disposable incomes, and the growing influence of social media.

Additionally, the rapid growth of e-commerce, especially across tier-II and tier-III cities, combined with increasing internet penetration, has further accelerated the shift toward the organised apparel sector.

About Marri Retail

Marri Retail is an apparel and jewellery retailer operating stores under multiple brands, offering a comprehensive and well-diversified product portfolio across a wide range of price points, including premium, mid-premium and value.

It provides a comprehensive shopping experience that meets diverse lifestyle needs for weddings, festive occasions, and everyday use, catering to the entire family in a single and convenient shopping experience.

It operates its stores under multiple brands, including ‘The Chennai Shopping Mall’, ‘JC Mall’, ‘J.C. Brothers’ and ‘Jeans Corner’ in the apparel category, and ‘The Chennai Shopping Mall Jewellers’ in the jewellery category.

Strengths of Marri Retail

• Differentiated business model offering both apparel and jewellery, well-positioned to capitalise on industry growth
• Well diversified product portfolio across a wide range of price points with multiple store brands catering to the entire family
• Strategically located store expansion ensuring high visibility and customer accessibility
• Optimised store layouts and category segmentation delivering an engaging in-store experience
• Extensive procurement base with highly efficient and technology-driven supply chain management

Risks of Marri Retail

• Unfavourable developments affecting operations in Telangana and Andhra Pradesh could have an adverse impact on business
• Any decline in demand for these products or change in consumer preferences could adversely affect business, results of operations, financial condition and cash flows
• Any decline in demand for jewellery products, volatility in precious metal prices or changes in consumer preferences could adversely affect business
• Adverse developments affecting brands The Chennai Shopping Mall and The Chennai Shopping Mall Jewellers could affect results of operations, financial condition and cash flows
• The company operates on a company-owned company-operated (“COCO”) model, which exposes it to risks associated with capital investment, operational control, scalability and store performance

Anchor Investor Bidding Date

TBA

IPO Registrar and Book Running Lead Managers

• IPO Registrar: KFin Technologies
• Book Running Lead Managers: Nuvama Wealth Management, IIFL Capital Services and Motilal Oswal Investment Advisors

Marri Retail Business Model

The apparel portfolio of Marri Retail includes both ready-made garments and dress materials for a comprehensive range of women’s wear such as sarees, ethnic wear, western wear, and ready-made garments.

Its men’s wear includes ethnic, suiting and shirting, formal wear, and casual wear. Kids’ wear covers all types of ready-made garments for boys and girls across all age groups, offered through both third-party brands and own private label brands.

Its jewellery portfolio includes traditional, bridal and contemporary jewellery, crafted in gold, silver, diamond and platinum as well as value-added jewellery

Marri Retail Growth Trajectory

The revenue from operations of Marri Retail grew from ₹1900.849 crores in FY 23 to ₹2456.276 crores in FY 25. Its gross profit margin increased from 23.20% in FY 23 to 25.98% in FY 25. A differentiated business model and a well-diversified product portfolio across a wide range of price points have helped the company grow over the years.

Marri Retail Market Position

As of the date of its draft red herring prospectus, Marri Retail operated 9 jewellery SIS within some of its stores under the ‘The Chennai Shopping Mall’ brand and one jewellery SIS within its store under the ‘J.C. Brothers’ brand, together forming a total of 10 integrated retail stores.

How to Apply for the Marri Retail IPO?

To apply for this IPO:

• Log in to your Kotak Neo Demat account: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Specify IPO details: Enter the number of lots and the price you wish to apply for.
• Enter UPI ID: After entering your UPI ID, click submit. This will place your bid with the exchange.
• Mandate Notification: Your UPI app will receive a mandate notification to block funds.
• Approve Request: Your funds will be blocked once you approve the mandate request on your UPI.