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This story is from June 9, 2008
Subhiksha plans Rs 500cr public offer for expansion
Subhiksha MD R Subramaniam said that the initial public offer (IPO) was inevitable. "It is only a matter of time.
The IPO will fund investments in new stores and IT backbone infrastructure. ICICI Ventures currently holds 24% in the company. Started in 1997 as a single super store entity in south Chennai, it now has nearly 1,400 stores in over 90 cities. By March 2009, the store count is slated to grow to 2,200. The turnover is projected to increase from Rs 2,305 crore to Rs 4,500 crore during the period.
At the current rate, it intends to double its stores each year. This is critical to sustain the high growth trajectory in the low-cost retail business. It also needs the funds to continue investments in infrastructure like IT. "Our IT spends are quite high. It's nearly 10% of the capital expenditure," Subramaniam said.
In the next couple of months, it plans to foray into the east in a major way. "We have just launched half a dozen mobile stores in Kolkata. By Pujas, there will be 75 Subhiksha stores in the city," he said. While Subhiksha had plans to roll out 100 stores across Kolkata by the middle of this year, the company held back to allow a correction in the property market.
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