Shree Ganesh plans IPO by March 2009
Shree Ganesh Jewellery House Limited has plans to launch its initial public offering (IPO) by March 2009 and raise Rs.200 crore through it. For this, the company will be filing the red herring prospectus with the Securities and Exchange Board of India (SEBI) by December 2008-January 2009. The company has so far done a private placement worth S20 million with Swiss bank Credit Suisse, and is planning on another worth $15 million The company has outlined various expansion plans on the domestic and international front. In the retail market, it wants to set up 15 standalone format store under the name of ‘Gaja’, with two already operational in Kolkata and one each in Ahmedabad and Chandigarh. It is also entering into a tie-up with Vishal Retail to open 50 shop-in-shop outlets by the end of 2008-09 with a focus on expansion in North India. Shree Ganesh has 11 brands under its belt, targeted at different categories. In the international market, the company plans to launch duty free stores at Abu Dhabi, Singapore and Hong Kong. It presently operates one of its Gaja stores in Dubai in association with Damas, and a duty free outlet at the Dubai airport. Shree Ganesh recently garnered sales worth Rs1,300 crore in 2007-08, and net profit of Rs85 crore, with plans to double its topline to Rs2,500 crore in 2008-09.