Soon after opening its 1,000th store last month, Subhiksha is aiming high and have chalked out plans to announce a Rs 350 crore IPO and touch the 3,000 stores mark by 2010.
The company aims to invest Rs 300 crore to fund 500 stores, which are to be opened by June next year.
“We are growing and will continue to do so. We are planning to double the store number in two years, after we reach the 1,500 mark. For undertaking all current expansion activities, we are adequately funded and can raise money for future purposes also,” said R Subramanian, managing director, Subhiksha Trading Services.
“Some outlets may be opened in newer markets, but the aim will be to increase presence in all the current markets,” added Subramanian.
However, Subramanian did not reveal details of the expected IPO. He said the company’s current valuation is Rs 3,500 crore and it aims to offer 10 per cent to public issue, which is Rs 350 crore. The promoters will hold 60 per cent in the company after the public offer.