Furniture etailer Pepperfry rejigs structure, aims to raise $300 million from IPO

Furniture retailer Pepperfry has begun to overhaul its business structure as it plans to debut on India’s stock exchanges.

To start with, the founders Ambareesh Murty and Ashish Shah have redomiciled Pepperfry from Cayman Islands to Mumbai. They had registered Pepperfry in Cayman Islands as the earlier plan was to establish a primary listing in the US. Subsequently, they changed their strategy as, according to Indian capital market regulations, a foreign-registered company cannot do an initial public offering (IPO) here.