Supermarket chain Patel Retail has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The IPO is a mix of a fresh issue of 90.18 lakh shares and an offer for sale (OFS) of up to 10.02 lakh shares of promoters. Proceeds from the fresh issuance to the tune of Rs 60 crore will be used for payment of debt Rs 115 crore for funding of working capital requirements of the company, besides a portion will be used for general corporate purposes. Fedex Securities is the sole book-running lead manager to the issue. Patel Retail was established in 2008, launching its inaugural store in Ambernath, Maharashtra. Since then, it has expanded its operations throughout the suburban regions of Thane and the Raigad district in Maharashtra. The company provides a diverse range of products including food, non-food items (FMCG), general merchandise, and apparel to meet the needs of families. It operates in tier-III cities and nearby suburban areas under the brand 'Patel's R Mart'.