City-based apparel maker and retailer Cantabil said that it has chalked out to open around 150 outlets this fiscal as a part of its expansion plan to be funded by the firm's upcoming initial public offering.
The company, which is aiming to raise Rs 105 crore from the IPO, also said it is going ahead with its plans to open a new manufacturing facility in Bahadurgarh (Haryana) as it looks to increase capacity to cater to the rise in demand.
Vijay Bansal, Cantabil Retail India Managing Director said that it will be a mix of company-owned and franchise operated stores and the company will invest around Rs 25 crore in the project. The investment would be funded by the IPO, which is likely to hit the market in June.
Bansal added that the company wants to maintain the momentum post-IPO and also keep up with its growth agenda.
When asked about the target growth in the years to come, Bansal said that in 2009-10, the company clocked a turnover of Rs 202 crore. Post the IPO, the volumes will increase and it might not be able to maintain the high growth rate of previous years but at least confident of 35-40 per cent annual growth."
Cantabil currently operates 381 outlets across the country -- including 206 stores of its family-wear brand 'Cantabil' and 175 stores of the menswear brand 'La Fanso'.