Delhi-based apparel retailer Cantabil Retail India Ltd said it will be firming up its footprint in tier 1 and 2 cities, which it sees as under-served in terms of brand offerings.
Cantabil, which is looking to raise INR105 crore (INR1.05 billion, USD22.51 million) through an initial public offering (IPO), said it is gearing up to meet the increased demand from its growing middle-class consumers.
Vijay Bansal, chairman and managing director at Cantabil Retail said the IPO is likely to be at the end of June. Besides funding its retail expansion, the proceeds will be used for a debt repayment of INR60 crore (INR600 million, USD12.86 million) and also to set up a manufacturing facility in Bahadurgarh in Haryana.
(Source: The Hindu Business Line)