Tulip, Piramyd plan IPOs, file papers with Sebi

 The company filed its draft red herring prospectus with Sebi today for a
public issue through the book-building process.

 "Promoters, who own the entire 100% equity of the company, will offload 30% during the IPO," H S Bedi, chairman and managing director of Tulip, said.

Piramyd Retail also filed its draft red herring prospectus with Sebi today for a public issue of 90 lakh equity shares of Rs 10 each.

The offer includes promoter stake sale of 40 lakh shares, and fresh issue of 50 lakh shares. "The net offer to public constitutes 25% of the fully diluted post-issue paid-up capital," an official release said today.

The lifestyle retail store chain set up under the brand Piramyd Megastores would be expanded to 12 from the present four while the Trumart supermarket would be increased to 45 from the present eight by 2007, the release added.

"Our current plan is to concentrate on the cities of Mumbai and Pune where we have already built a significant presence for Trumart. We can leverage on the early mover advantage in markets like Pune and consolidate our presence," Krish Iyer, MD and CEO of Piramyd, said.