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| The Loot to file DRHP with Sebi by December |
| Press Trust of India / Mumbai Sep 03, 2010, 21:12 IST |
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Multi-brand retailer The Loot plans to raise close to Rs 100 crore through an initial public offer (IPO) and will file a Draft Red Herring Prospectus (DRHP) with market regulator Sebi by December, a top company official said today.
The company had in July said it plans to raise more than Rs 100 crore through its IPO.
"We will be filing our DRHP by December and might offload between a 25-40 per cent stake through the IPO," The Loot Managing Director Jay Gupta told reporters on the sidelines of an event organised by Technopak here.
The company plans to raise close to Rs 100 crore, he said, declining to divulge the exact amount.
The funds raised will be utilised for expansion, upgradation of warehouses and processing units, Gupta said.
The Loot, a multi-brand chain offering a 25-60 per cent discount on national and international brands throughout the year, operates in four formats -- small, medium, large and extra-large.
With 150 stores already operational pan-India, the company plans to add another 50 stores in the next fiscal, Gupta said, adding that the expansion will be based around both tier II and III cities.
The company had last year recorded a turnover of Rs 107 crore and is targeting a 50 per cent growth this fiscal.
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