More Retail picks banks for India IPO

More Retail Pvt., the food and grocery chain jointly owned by Amazon.com Inc. and Samara Capital Partners, has picked advisers for an impending initial public offering that could raise about $300 million, according to people familiar with the matter.

- Bloomberg [e-mail]

The Mumbai-based retailer has hired Avendus Capital Pvt. and ICICI Securities Ltd to begin work on the potential listing, which could value the company at around $2.5 billion, people familiar with the matter said, asking not to be identified as the information is private.

The initial public offering (IPO) could take place as soon as next year, they said.