Technocraft to tie up with retail majors

Technocraft Industries (India) Ltd will tie up with retail majors like Wal-Mart, Brand Factory and Reliance to market its garment brand - Haute Chilli.

The company also plans to attract at least 100 franchisees for the brand by the year-end.

The Mumbai-based company is a leading manufacturer of drum closures, steel pipes and tubes, scaffolding systems and accessories, and cotton ring spun yarn.

"By the year-end, we are planning to have 100 franchisee shops that will feature Haute Chilli, along with other brands. We are also hopeful that within three years or sooner, Haute Chilli will have its presence abroad too," said S K Saraf, managing director of the company. Technocraft expects a turnover of Rs 100 crore this year, with a profit of Rs 15 crore. The company has a 100 per cent export-oriented unit (EoU) of cotton yarn.

The company has announced its foray into the capital market with an initial public offer of 83,20,000 equity shares of Rs 10 each, through a 100 per cent book building process, with a price band of Rs 95 to Rs 105. Around 4,20,000 equity shares are reserved for its employees and the net issue to public is 79,00,000 equity shares.

The net issue would constitute 25.06 per cent of the post issue paid-up capital of the company. The issue closes January 23.