Ahmedabad-based Timbor Home Limited is planning to expand its presence in the country by setting up 20 company-owed large format furniture retailing stores across India with its focus on tier-II and tier-III cities.
The company is proposing to enter the capital markets with the initial public offering (IPO) of 3.69 million shares in the price-band of Rs 54-63 per share. At the upper end of the price-band, the company would raise Rs 23.24 crore. The issue would constitute 25 per cent of the fully diluted post Issue paid-up equity capital of the company.
"The funds from the IPO will be partly utilised for the expansion of our retail outlets across India. Currently, we have 84 franchisee stores spread in 65 cities of the country. The 20 large format company-owned stores will come up in a period of 18 months. We are also exploring possibility to have a tie up with organised retailing partners to boost our sales," said Anant Maloo, chairman and managing director, Timbor Home. The company has also launched two pilot projects in association with Reliance Retail.
For the nine months of the financial year, 2010-11 the company had recorded a turnover of Rs 57 crore, showing a growth of over 60 per cent over corresponding period last year. The issue opens on May 30, 2011 and closes on June 2, 2011.
