Gini and Jony to launch IPO

Kidswear brand Gini and Jony is planning to raise Rs 125 crores through an IPO by October

this year. According to Vikash Sharma, Vice-President (Sales), Gini and Jony the company has already filed their red herring prospectus with the Securities and Exchange Board of India and expect to raise Rs 100-125 crores by September-October through the IPO. The proceeds would be used to fuel the company’s expansion, including its domestic and overseas retail network besides setting up a third manufacturing unit in the country. With the market for kid’s apparel in India growing at 40 per cent year-on-year, the company expects an impressive growth this year. It is eyeing Rs 300 crores revenue this fiscal against Rs 225 crores, last year.

Gini and Jony also plans to open 110 exclusive brand outlets and 32 flagship stores by the end of financial year 2011. At present, the company has 12 flagship stores and 250 EBOs. Vikash Sharma says the company is planning to scale-up their flagship outlets to 44 in the same period from the present 12. Investment per flagship store will be around Rs 42-60 lakh.