June 3 (Reuters) - British discount clothing website MandM Direct is planning an initial public offering that will value the online retailer at between 140 million pounds and 170 million pounds ($235 million to $285 million), the Telegraph newspaper reported on Monday.

MandM Direct is likely to announce its intention to float shares on London's junior AIM market as early as Tuesday, the paper said, without citing sources. ( http://link.reuters.com/rer79v )

It added that the company, owned by private equity company TA Associates, was being advised by Canaccord and Investec.

($1 = 0.5968 British pounds)

(Reporting by Richa Naidu in Bangalore; Editing by Steve Orlofsky)

((richa.naidu@thomsonreuters.com)(within UK +44 20 7542 1810, outside UK +91 806 749 4939)(Reuters Messaging: richa.naidu.thomsonreuters.com@reuters.net))

Keywords: MANDM IPO