| The Mumbai-based company, which has charted an aggressive growth plan of having 149 retail stores including 22 Pyramid mega stores across the country, is planning to go public during the current financial year. |
| "The size of the public offer will be around Rs 150 crore. We have started doing the ground works. As it is a long process, it will take some time," K N Iyer, director and chief executive officer of the company said. |
| The company, which has a total number of 9 retail outlets including 3 Piramyd megastores (with a size of 80,000-90,000 squarefeet) , plans to take the tally to 30 by the end of March 2006. This includes 5 Piramyd stores that would be opened in Ahmedabad, Delhi, Ludhiana and Pune. During 2006-07, the company will open 29 stores including 5 Piramyd stores. |
| Rest will be relatively smaller outlets (1,500-10,000 square feet), that the company operates under the true mart brand name. |
| "Our investment for one Piramyd store is around Rs 30 lakhs including the inventory. We have an investment plan of Rs 100 crore for this year," said the company's chief operating officer Bipin Gurnani. While the promoters' accrual would be Rs 69 crore, rest Rs 31 crore would be funded through debt, he said. |
| The company, which has limited its presence to Mumbai, Pune and Nagpur for the time being, is more aggressively looking at north India as it feels the south market has saturated. |
| "We want to have the prime mover advantage," Iyer said. The company has charted a plan for opening 5 mega stores in Delhi and one in Ludhiana by 2006-07. |
| "We are also exploring possibilities in cities like Chandigarh and Lucknow," Gurnani added. |
| Piramyd, with a present turnover of Rs 69 crore, targets to achieve a revenue of Rs 220 crore in 2005-06 and a Rs 2,500 crore turnover by 2010. The floor area of the stores would go up to 1.1 million squarefeet by 2006 and 2.7 million square feet by 2010, from 1.35 lakh squarefeet at present, Gurnani said. |
Top Section
Explore Business Standard