INDIA: House of Pearls enters capital market to fund retail expansion

MUMBAI: The ready-to-wear $250 million apparel company, House of Pearls Fashions has entered the capital market to fund the expansion in retail business in India, Deepak Seth, chairman, said here on January 08.

The chairman clarified that the expansion plan includes acquisition of international brands in the US or UK and upgrade manufacturing capacities, while currently is operating in 10 countries.

An initial public offering of 5,984,994 equity shares of Rs 10 each has been offered, while the price band for the issue has been fixed between Rs 525 and Rs 600.

The company with a strong presence in the top three segments of the value chain is expected to benefit as globally the retailers are consolidating their supplies, thus looking for strategic vendors with global presence, Deepak Seth added.

House of Pearls intends to utilise parts of the proceeds to upgrade manufacturing capacities from 20 million pieces per annum to 40 million per annum, expecting textile exports to get a boost in the post-quota regime.

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Added: January 9, 2007 Source: Agencies
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