Subhiksha Trading Services Ltd, one of India’s largest mass market discount retail chains, has postponed its plans to launch initial public offer (IPO) till the end of the year.
Subhiksha said it has enough money to fund its expansion and will go in for a listing in third quarter of the current financial year. R Subramanian, MD, Subhiksha Trading Services Ltd said, “One of the reasons for the delay is a poor market condition, besides the company has enough money to fund its current expansion.”
However, in February, the company was determined to go for an IPO and Subramanian had told Indiaretailing, “We have expansions lined up and shall definitely go public in the first quarter of this financial year.”
Indiaretailing had reported that the company was planning Rs 500-crore IPO in the first quarter of FY 2008-09.
Subhiksha currently has 1,300 outlets around India and plans to open a total of around 2,200 stores by year end with an investment of Rs 300 crore.