Apparel brand Monte Carlo plans to raise Rs 330-380 crore through combination of private equity and launch of Initial Public Offer (IPO) next year for setting up a new garment facility and expanding network. "We will raise money through IPO and private equity placement in Monte Carlo Fashions which will be spent on expansion purposes," said Kamal Oswal, Director, Monte Carlo Fashions. Monte Carlo Fashions will look at the right time for launching IPO, once the private equity placement takes place. The company has proposed to set up a woolen garment manufacturing facility in Ludhiana as part of its capital expenditure programme. With company eyeing to have pan India presence, Monte Carlo will also look at expanding strength of its outlets from 130 at present to over 250 in phased manner. "We want to penetrate the market by opening more outlets in future, mainly through franchise model," he said.