The company plans to add 40 new Provogue studios and 21 mega stores and set up a trouser making unit at Daman as part of its expansion plans which would be funded through the IPO, Nikhil Chaturvedi, managing director, Provogue said on Wednesday.
The issue of 40.49 lakh equity shares of face value Rs 10 each would close on June 16 and constitutes 25 per cent of the fully diluted post issue paid-up capital of the company.
The company has fixed a price band of Rs 130-150. At the lower end of the band, it would raise about Rs 52.64 crore (Rs 526.4 million) while at the upper end it would mop up Rs 60.74 crore (Rs 607.4 million).
The proposed addition of the new outlets in cities like Mumbai, Indore, Hyderabad, Agra, Goa, Pune, Delhi, Lucknow and Mangalore would entail a capex of Rs 28.16 crore (Rs 281.6 million).
The company presently has four lakh sq ft of retail space in the form of 41 stores spread over 19 cities. In the next five years, Provogue plans to add five lakh square feet of retail space across the country, he said.
Besides, the company would set up a trouser-making unit with a capacity of 1,000 trousers per day at Daman. It will also expand its shirt manufacturing capacity to 3,000 shirts per day from the present capacity of 2,000 shirts.
The company also plans to launch women and children's wear in the next couple of years and was keen to expand into shoes, body products and luggage segment. It also plans to ramp up the export presence and is eyeing Europe and America, he said.
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