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Certain reports have suggested that omnichannel furniture seller Pepperfry is planning to file the Draft Red Herring Prospectus (DRHP) to float its IPO in the October-December quarter.
Pepperfry is an e-commerce company that sells furniture online & was established by Ambareesh Murty and Ashish Shah in 2011. It began as a fashion and lifestyle company but developed a niche in home decor segments like furnishing, lighting, kitchen appliances, housekeeping, bathing equipment, dining, and so on.
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Trendsutra Platform Services Ltd, the company behind the Pepperfry brand, has raised close to $280 million and counts Goldman Sachs, Norwest Ventures, General Electric Pension Trust, Broad Street Investments, Bertelsmann, Panthera Growth Fund & Madhubala Ventures as its investors. Norwest Ventures is its largest shareholder, holding around 24% of the company.
Early in July 2022, the company announced that it was in the process of filing the required documents and that bankers and lawyers for the issue had been appointed. Sources had suggested at the time that the company had planned to raise Rs 2,000-2,500 crores from its public issue, but the same could not be confirmed.
Fresh reports have indicated that the company is planning to finally file its DRHP in the next quarter & that a final decision will be made in November. Moreover, it is also said that the company has appointed JP Morgan and ICICI Bank to lead the IPO efforts.
The furniture seller has yet to turn profitable. For FY21, the company reported a net loss of Rs 105.65 crores, down 37% YoY. The company managed to bring down major costs like marketing and logistics, bringing down its total expenditure by 21%. However, the company's revenues declined 13% YoY to Rs 201.50 crores during the period.
Article by Aman Agarwal.
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