Prime Retail India plans expansion, files IPO papers
Published on Mon, Apr 04, 2011 at 14:31 | Source : Moneycontrol.com
Updated at Tue, Apr 05, 2011 at 08:23
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Prime Retail India plans expansion, files IPO papers
Prime Retail India has filed draft red herring prospectus with the market regulator SEBI for a public issue of 75 lakh equity shares of face value of Rs 10 each.
Prime Retail India has filed draft red herring prospectus with the market regulator SEBI for a public issue of 75 lakh equity shares of face value of Rs 10 each. The issue will constitute 45.10% of the post issue paid up capital of the company.
It is an international luxury, designer and fashion watch brand retailer dealing through its chain of retails stores. Company is presently operating 20 stores.
"We propose to raise funds through an initial public offering to open 18 additional new stores across India to accomplish a Pan India presence. These outlets are planned in three categories - Prime Duets - Fashion Watch Studio, The Price - Luxury Watch Boutique and Exclusive Brand Boutiques. It showcases all items from fashion to premium luxury brands," company said.
Prime Retail intends to use issue proceeds for setting up brand retail outlets, capex stores for proposed outlets, upgradation of information technology network and working capital requirements.
The company has posted a net profit of Rs 1.62 crore on total income of Rs 32.05 crore for the period of six months ended on September 2010.
Hem Securities Limited is the book running lead manager to the issue.
