Shoppers' Stop IPO in Rs 210-250 band

Shoppers' Stop has fixed a price band of Rs 210-250 per share for its initial public offer of 69.46 lakh shares of Rs 10 each.

"The company is entering the capital market with its maiden public offer of 69.46 lakh equity shares of Rs 10 each for cash at a premium to be decided through a 100% book-built process," B S Nagesh, MD and CEO of Shoppers' Stop, said today.

The issue opens on April 27 and would close on May 3, he added.

The company is planning to utilise the proceeds from the issue to fund expansion plans, which includes 11 more stores in the next 24 months in Bangalore, Mumbai, Delhi, Pune, Noida and Hyderabad, Nagesh said.

"We also intends to utilise part of the proceeds for renovation and expansion of existing stores," he added.

The estimated cost of setting up 11 stores is Rs 110-120 crore, and the renovation of three existing stores would cost Rs 15 crore, he said.

"At present, the company has presence in 16 locations across the country occupying an aggregate area of 7,52,848 sq ft," Nagesh said.