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Reid & Taylor IPO likely in Sep-Oct
16
Aug '11
S Kumars Nationwide Limited (SKNL), the company which goes by the tag line “Clothiers To The Nation Today… The World Tomorrow”, has received the approval from market regulator to issue the initial public offering (IPO) for Reid & Taylor during September-October this year.

The company will utilize the proceeds from the around Rs. 10 billion IPO issue to promote its Reid & Taylor unit and to pay off debt.

SKNL has already given mandate to UBS AG, JP Morgan and other companies to manage the issue.

Reid & Taylor caters to the upper-middle and upper segment of customers and is one of the well-known brands of SKNL.

The company has about 45 owned and licensed brands to sell apparels that include Hickey Freeman, Austin Reed, Belmonte, Bobby Jones, Exclusively Misook, etc. The company had witnessed a robust 86.6 percent growth in its brand sales in the fiscal year 2010-11.

For the current fiscal, the firm has earmarked a capital expenditure of Rs. 4 billion to open 425 new outlets of its brands under its various formats.

During the first quarter of current fiscal, SKNL posted a consolidated net profit of Rs. 879.4 million, a rise of 40.23 percent compared to its net profit of Rs. 627.1 million recorded during the corresponding period of last fiscal.

Fibre2fashion News Desk - India

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