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Goblin India, an Ahmedabad-based luggage manufacturer, is planning to raise about ₹15 crore through an initial public offering with the company expected to file papers this week.
“The company will file the draft red herring prospectus tomorrow and on getting approvals it intends to go for the IPO in August. The stock would be listed on the BSE,” a source close to the development said.
The firm received a pre-IPO investment of ₹1 crore from Jaipur Rugs, an exporter and retailer of handmade rugs, said Director Yogesh Chaudhry.
Jaipur-based 360 Financial Consulting is the lead advisor and merchant banker for the IPO.
The company intends to use a part of the proceeds to increase it production capacity, expand its subsidiaries and strengthen its presence at airports.
Goblin India is also planning to increase its dealership network to 1,000 from the present 300, while it aims for an annual turnover of ₹120 crore by 2021-22. The company’s present annual turnover stands at ₹72 crore.
Apart from luggages, Goblin India also manufacturers accessories such as corporate gifting articles, white goods, crockery and novelty goods among others.
At present, Goblin bags and luggage are available at AVA Stores at airports. The company is planning to set up its own retail outlets in Ahmedabad, Mumbai, New Delhi, Bengaluru and Hyderabad in the next two years.
The firm competes with the brands such as American Tourister, VIP and Skybags, among others.
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