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| Olympic Cards gets Sebi nod for IPO |
| BS Reporter / Chennai Feb 15, 2012, 00:26 IST |
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Chennai-based Olympic Cards Limited has received the Securities and Exchange Board of India’s approval for its Draft Red Herring Prospectus (DRHP). The company will soon enter the capital markets with a public issue of up to Rs 27 crore to fund its proposed expansion plan for retail and manufacturing.
It proposes to expand its retail marketing by establishing four more direct retail outlets in addition to the existing. It, at present, operates through direct outlets located at various places across Tamil Nadu.
The company also operates through five franchisee outlets and intends to set up more such outlets. All these retail outlets will operate under its brand name Olympic, according to a company release.
Besides, it would utilise a part of the money raised through the IPO for setting up a new manufacturing unit near Chennai.
The 50-year-old company is into manufacturing and trading wedding invitation cards, greeting cards, envelopes, letter heads, business cards, calendars, notebooks, account books, etc. It has a strong presence in southern India. Its premier product is wedding invitation cards accounting for more than 45 per cent of total group sales.
The company’s total income for the year ended March 31, 2011, was Rs 45.7 crore and net profit Rs 2.18 crore as against Rs 34.8 crore and Rs 1.2 crore respectively for the year ended March 31, 2010.
Olympic Cards has three manufacturing facilities in Chennai and its average production of cards per day is approximately 1,50,000.
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