Casual clothing chain Postie Plus Group Ltd on Friday unveiled plans for a NZ$20 million (US$11.6m) initial public offering.

The operator of almost 60 stores under banners like Rendells and Postie said 20 million shares would be offered at NZ$1.00 a share with the proceeds used for future acquisitions.

The company expects to post a full year net profit of NZ$4.65m on sales of NZ$107m for the 12 months to July 31.

Managing director, Paul Young, said: "The group's main growth focus is the expansion of Rendells and to a lesser extent Babycity. Further acquisitions are also likely."