Organised food and grocery retailer Ratnadeep Retail Ltd has filed draft papers with capital markets regulator Sebi to raise funds through an Initial Public Offering (IPO).The proposed IPO comprises a fresh issue of equity shares aggregating up to Rs 400 crore and an Offer For Sale (OFS) of nearly 1.49 crore equity shares by promoters, according to the Draft Red Herring Prospectus (DRHP) filed on Wednesday, July 1. The promoters who are offloading shares under the OFS are — Sandeep Agarwal, Manish Bhartiya and Mitesh BhartiyaRatnadeep Retail, in consultation with the book-running lead managers, may also undertake a pre-IPO placement of up to Rs 80 crore. If completed, the size of the fresh issue will be reduced to the extent of funds raised in the pre-IPO placement.As per Lattice Report, Ratnadeep Retail operates in South India’s food and grocery market which is estimated at Rs 18.3 lakh crore in Fiscal 2026 and projected to reach Rs 31.8 lakh crore by Fiscal 2031. The region is expected to grow at 11.6 per cent over Fiscal 2026 to Fiscal 2030, outpacing the overall India market. Motilal Oswal Investment Advisors, Axis Capital and DAM Capital Advisors are the book-running lead managers to the issue.