Olympic Cards gets SEBI nod for IPO

Olympic Cards received market regulator SEBI's approval to raise Rs 27 cr from to capital market.

Olympic Cards,the Chennai-based wedding card and greeting cards maker,has received market regulator SEBI’s approval to raise Rs 27 crore from to the capital market.

The Chennai-based company filed the Draft-Red Herring Prospectus (DRHP) for this purpose and has obtained the Securities and Exchange Board of India (SEBI) approval,the company said in a statement.

The company would enter the capital market to raise the funds for the expansion plans and Ashika Capital Ltd is the sole book running lead manager for the issue,it said.

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The company proposes to expand its retail marketing through establishing four direct retail outlets in addition to existing six in Tamil Nadu.

The five-decade old firm,exports its products to Malaysia,Singapore,Sri Lanka and Dubai. Currently,it has three manufacturing facilities in Chennai and the average production of cards per day was around 1.50 lakh.

The company’s total income for the year ending March 31,2011 was Rs 457.2 million and profit after tax was Rs 21.8 million during the same period,it added.

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