Flemingo International aims for IPO listing

Flemingo International CEO Atul Ahuja has confirmed that the retailer is committed to gaining a billion dollar-plus listing on the New York Stock Exchange.

Online PR News – 11-November-2012 – Jabel Ali Free Zone – In a major exclusive interview with The Business featured in this month’s TFWA October issue, Ahuja says that while the timing is not right yet, the $350m-sales turnover retailer is determined to raise more capital as ‘a currency for acquisition’ and an ‘umbrella’ fund for the Flemingo team.
“We would be listing some time towards the end of next year or in 2014 and the objective of the listing is to raise capital and to create an umbrella for the employees – the Flemingo team, or the Flemingo family as we call it,” said Ahuja.
“When I joined the company, the revenue was $1m and that was eight years back and today we are at $350m, so it is 350 times growth in the last eight years. In terms of size we have more than 1,500 people, we have 120 locations and we are operating in 26 countries.
“We started in Africa, consolidated in India and then went back to Africa and expanded into 16 countries. Then we took the acquisition route to springboard into central and Eastern Europe and Turkey and now we have used those bases to consolidate in the region.
“We are bidding for tenders in the region and growing the business from central Eastern Europe and Turkey.” Ahuja confirmed that Flemingo is now looking at the RFP released by Mumbai International Airport with the intention of bidding with DFS Group, with whom it currently operates a joint venture to run the shops at the location.
He added that Flemingo is ‘not afraid’ of the big boys and in his view the opposite is probably the case today – particularly in the Indian Sub Continent.
He said: “Our success in tenders has been over 75% in this part of the world, so we have won three out of four tenders. In the backyard of the big boys our success has been 56%, with one out of every two tenders been won by us.”