Olympic Cards, engaged in production and sale of wedding invitation cards, greeting cards and visiting cards and trading in printing inks, is entering the capital market on March 9 with a public issue of shares for raising up to Rs. 25 crore. The price band has been fixed between Rs. 30 and 32 per share of Rs. 10 each.
Addressing presspersons here on Tuesday, H. Noor Mohamed, Managing Director, said the proceeds of the issue would be utilised to meet the expenditure on setting up a new factory and establishing more retail outlets. The company would be setting up its second unit at Kannigaiper, near Chennai. The first unit, located in Vyasarpadi, was turning out 1.50 lakh cards per day, Mr. Noor Mohamed said. The company had also an in-house research and development facility at Chennai to bring out new designs, he added.
The premier product of the company was wedding invitation cards, accounting for more than 53 per cent of current sales, he said.
At present, the company was operating through six direct retail outlets and five franchisee outlets. The intention was to open four more direct outlets besides a number of franchisee outlets, Mr. Noor Mohamed said.
