Kidswear brand Gini & Jony plans to raise up to Rs 125 crore through an Initial Public Offer (IPO) by October this year.
“We have already filed our draft red herring prospectus with the Securities and Exchange Board of India (Sebi) and expect to raise Rs 100-125 crore by September-October through the IPO,” said Mr Vikash Sharma, Vice-President (Sales) at Gini & Jony.
The proceeds would be used to fuel the company’s expansion, including its domestic and overseas retail network besides setting up a third manufacturing unit in the country.
With the market for kids’ apparel in India growing at 40 per cent year-on-year, the company expects an impressive growth this year. It is eyeing a Rs 300 crore revenue this fiscal against Rs 225 crore, a year ago.
Gini & Jony also proposes to open 110 Exclusive Brand Outlets (EBOs) and 32 flagship stores by the end of FY 11. At present, the company has 12 flagship stores and 250 EBOs. “Investment per flagship store will be around Rs 42-60 lakh,” Mr Sharma said