Greek Vardas SA, a clothes retailer, has gained approval for its initial public offering on the Parallel Market of the Athens Stock Exchange. Vardas plans to go public by offering 780,810 new common shares with nominal value of 200 drachmas each ($0.55). Vardas is one of the oldest chains of clothes retailer in Greece and cooperates with the biggest foreign companies operating a distribution network of 18 stores all over the country, offering both womenswear and menswear.