Ritu Wears plans Rs 100 cr fund raise

Noida-based JDS Apparel, which runs large format store under 'Ritu Wears' brand, plans to raise fund of Rs 100-crore through an initial public offer (IPO) by next year for its expansion.

The company has formed an internal team to meet the requirement of merchant bankers and it is confident that the list would be ready by October next year.

The company currently operates ten large format retail stores mostly in Delhi, NCR and Punjab and is planning to set up about 45 more stores by 2015.

The company’s first store came in 1971 and with the aim of expansion; the company is planning to reposition its brand and logo to ‘Ritu Wears Biglife’ as a family lifestyle brand.