Business Daily from THE HINDU group of publications
Monday, Aug 21, 2006
Business Daily from THE HINDU group of publications Monday, Aug 21, 2006 |
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Marketing
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IPOs Vishal Retail plans IPO Our Bureau
Hyderabad , Aug. 20 Vishal Retail Ltd, the Delhi-based retail chain, is likely to come out with an IPO in September or early October. Addressing a press conference here, Mr Dipu Gupta, President (West and South), said the process was on to announce the public issue next month. He, however, did not answer a question on the size of the issue. The IPO would help the company partly fund the upcoming expansion plans. The company, which currently runs a network of 36 malls in 28 cities, would expand the network to 60 by the end of the financial year. "We generally spend Rs 5-6 crore on each mall. We will have 24 stores more by the year-end. The new locations would include Surat, Bangalore and Hubli," he said. Mr Gupta was here in connection with the launch of its 24,000 sq ft hypermarket at Abid's. "We will open two more in the twin cities this year," he said. The company, which registered a turnover of Rs 300 crore turnover last year, was targeting Rs 700 crore this financial year. It hoped that increased spread would help it achieve the target.
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