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Thursday, September 07, 2006

Hanung Toys and Textiles plans IPO

Hanung Toys and Textiles, HTTL, a USD 45-million (Rs 207 crore) company that manufactures soft toys as well as caters to the home furnishing segment, is planning an initial public offering, IPO in October this year, according to A.K. Gupta, vice-president - sales and marketing, HTTL, reports The Hindu Business Line.

He said here on Wednesday that the funds would be used to set up a 25-acre manufacturing facility at an investment of Rs 150 crore (Rs 1.50 billion) in Uttaranchal. He expects the facility to be operational by early-2007.

The company has two factories in Noida, one for toys and the other for furnishing. The facility in Uttaranchal would primarily manufacture products such as cushions, bedspreads, quilts and other home furnishing products, he said.

The company has taken up Disney's franchise in India for Disney soft toys and cushions, and launched these products here on Wednesday. Currently, the company's brand of soft toys `Play-n-Pet' has a 70% share of the organised soft toys market. Gupta said that the local market for toys is growing rapidly.

However, about 85-90% of the company's revenue is accounted for by exports. The products are being sold in the US, Canada, Germany, France, the UK, Sweden, Belgium, Russia, Austria, Poland and Chile, he said.


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