Vishal Retail all set for Rs 110cr public issue

Mumbai: Vishal Retail proposes to foray the capital market with an initial public offering (IPO) of equity shares aggregating Rs 110 crore. The issue opens on June 11 and closes on June 13. The price band for the 100 per cent book built issue has been fixed between Rs 230 - Rs 270 per equity share of Rs 10 each. The company proposes to infuse the proceeds of the issue to establish new retail stores. Of the total 32 stores to be establish this year, the IPO will fund for the establishment of 22 stores. The company will deploy Rs 104.15 crore of the net issue proceeds for setting up the stores in the current year. The company reported total income at Rs 771.15 crore for the year ended March 2007 and net profit at Rs 24.98 crore. The company currently operates 50 retail stores including two stores operated by franchisees located in 18 states across the country.