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2023 could be heavy on IPOs by retail firms

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These companies from the retail ecosystem are likely going to make their debut on the Indian stock markets in 2023

New Delhi: Retail in India is growing at an exciting pace and many companies in the retail ecosystem are turning to the stock markets as a way to fund their ambitions by going public. Investors too have realized the opportunities that initial public offerings (IPOs) present in terms of bumping up their returns. Although the year 2022 hasn’t exactly been a favourable one for IPOs due to the bearish sentiments that dominated the market, other companies are optimistic that 2023 might be better and have decided to take the big leap. Here’s a list of the five companies from the retail ecosystem that have decided to get listed in 2023. They appear here in alphabetical order.


Fabindia Ltd.
Incorporated in 1960 by John Bissell, Fabindia retails Indian textiles, home furnishing, handloom, apparel and jewellery created by artisans. Through its network of stores, it connects over 55,000 craft-based rural producers to modern urban markets. Its first store opened up in Greater Kailash in New Delhi in 1976. Prior to that, the company was engaged in exporting home furnishings. As of February 2023, the retailer had 309 FabIndia stores 74 Organic India stores. Fabindia generated a revenue of Rs 1392 crore in the year 2022 and a profit of Rs 39 crore. In February 2003, Fabindia announced withdrawing its Rs 4000-crore IPO owing to unfavourable market conditions, though experts speculate that the company might launch the IPO later this year.

Mama Earth
Mama Earth is a clean cosmetics brand incorporated by the couple Ghazal and Varun Alagh in 2016. According to Forbes India, Mama Earth became profitable in FY22 where they registered a profit of Rs 14 crore compared to losses of Rs 1,332 crore in FY21. Mama Earth plans to list, but with a delay and it aims to raise Rs 2900 crore with its IPO.

Mobikwik is a payment service provider founded by Bipin Preet Singh and Upasana Taku in 2009. In FY22, Mobikwik claimed to have 127 million users on its platform across India. Mobikwik’s revenue in Financial Year (FY) 2021 was Rs 288 crore which grew to Rs 526 crore in FY 2022 according to Mobikwik is having an issue size of Rs 1,900 crore.

Online pharmacy Pharmeasy was founded by Dharmil Seth and Dhaval Shah in 2015. Pharmeasy claimed to have 25 million registered users as of June2021. Its revenue grew to Rs 5,729 crore in FY 2022 compared to Rs 2,335 crore in FY2021 and its losses also grew by more than 4X to Rs 2,731 crore in FY2022 from Rs 641 crore in FY2021 according to Pharmeasy is aiming to raise Rs 6,250 crore from its IPO.

E-commerce marketplace Snapdeal was incorporated by Kunal Bahl and Rohit Bansal in 2010. It claims to deliver in 2500 plus towns and cover more than 96% of the pin codes in India. It had a revenue of Rs 540 crore in FY2022 while its losses quadrupled to Rs 510 crore from Rs 125.4 crore in 2021, according to Snapdeal has filed for an IPO worth around Rs 1,250 crore.[/bs_input_restrict]

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