Delhi-based garment manufacturer and retail chain store Cantabil said that it had received approval from the Securities and Exchange Board of India (SEBI) to float its initial public offering (IPO).
The public issue is likely to hit the market in the next two months and the company is expecting to raise Rs 105 crom from the process. The income generated will be utilised for funding the company’s expansion plans, company officials said.
During September 2009, the company had lodged the draft red herring prospectus with SEBI. In a recent statement, it was also mentioned that the funds raised via the IPO will help in establishing a new manufacturing unit at Bahadurgarh in Haryana, repay parts of debt and help in retail expansion.
Currently, Cantabil has more than 380 exclusive outlets across the nation under its two brands -- Cantabil and La Fanso. These outlets offer an array of garments such as formal clothing, party-wear, ultra-casual and casual apparels for all segments.
The company also operates three in-house production units and four warehouses located in New Delhi and is promoted by Vijay and Deepak Bansal.
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