Chennai-based Olympic Cards, manufacturer, retailer and exporter of invitation, greetings and business cards, calendars and notebooks, will soon come up with its initial public offering. The 50-year-old company has received the approval from Securities and Exchange Board of India (Sebi) for its public issue to raise up to Rs 27 crore.

The company will utilise the funds to expand its retail network and for setting up a new manufacturing facility near Chennai. The company also wants to widen its export market. At present, it has a strong market presence in south India and also exports its products to Malaysia, Singapore, Sri Lanka and Dubai.

The company posted revenue of Rs 45.7 crore for the year ended March 31, 2011, and a profit after tax of Rs 2.1 crore, as against a total income of Rs 34.8 crore and profit after tax (PAT) of Rs 1.2 crore for the year ended March 31, 2010. Ashika Capital is the sole book running lead managers for the issue.