Malabar Gold plans IPO, continued retail expansion
today Mar 15, 2019
Malabar Gold & Diamonds aims to launch an Initial Public Offering in three years’ time and the business is in the process of converting from a private limited to public limited company, its chairman announced.
Malabar Gold & Diamonds’ chairman M P Ahammed announced that his business plans to launch an IPO. “Currently, ours is a private limited company and we are converting it into a public limited company. Once that work is done, we will be going for the IPO,” he told TNN.
The brand is also continuing its path of international expansion and plans to open between ten and 15 stores in overseas markets during the 2020 financial year, including in the US.“We have already opened a store in Chicago and might open three more in the US, including one in New Jersey in the coming fiscal,” said Ahammed.
Ahammed also mentioned that India also has great growth potential for the brand. Around 40 store openings are planned for India in the 2020 financial year. Malabar Gold has also launched a new subsidiary- Sparkle Gold. “We have more than 200 investors in this new company, which already has opened seven stores in states like Punjab, Andhra Pradesh, Telangana, Tamil Nadu and Karnataka,” said Ahammed. “New stores will also be coming up in Gujarat, Maharashtra, Bihar, Madhya Pradesh, Uttar Pradesh, West Bengal and Orissa in the next fiscal.”
Malabar Gold and Diamonds currently has a total of 251 stores in India and abroad. The business expects a turnover of around Rs 25,000 crore ($3.8 billion) by the end of the 2019 financial year. Business form India alone is expected to total Rs 13,000 crore.
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