(Yicai Global) Sept. 26 -- Shanghai La Chapelle Fashion Co. [HKG:6116;SHA:603157] has listed on the main board of Shanghai Stock Exchange to raise CNY1.64 billion (USD248.5 million).

The firm publicly issued 54.77 million A-shares at CNY8.41 (USD1.47) a share, increasing its total share volume to almost 333 million, Jiemian News reported on Sept. 26.

La Chapelle's latest fundraising was to serve two main purposes. It plans to invest CNY1.55 billion to expand its retail network and open up 3,000 outlets over the next three years. It will also invest CNY84 million in a new retail data system to enhance management efficiency at its stores.

La Chapelle is a multi-brand fashion group engaged in the design, promotion and sale of clothing, especially female leisure clothes. It currently operates nine brands. As of June 30, 2015, the company had 7,147 retail outlets across 31 provinces across China, covering around 2,230 department stores and shopping malls.

Last year, the company's revenues totaled CNY10.2 billion (USD1.54 billion), up 12.5 percent on the year. Net profit fell 13.5 percent to CNY530 million. Over the same period, it opened 1,000 new stores and upped total rent by over CNY335 million to CNY2.77 billion, which led to the decline in profit.