Fabindia, a leading ethnicwear and lifestyle retailer, has filed draft papers with SEBI to launch an initial price offer (IPO).
As per a report, the IPO is a combination of primary and secondary issuance of shares, with the majority portion being the OFS (offer for sale) component, to facilitate partial exit for multiple investors.
While filing with the regulator,it was, reportedly, confirmed that the fresh issue part is up to Rs. 500 crore. The selling shareholders include the promoter group, Premji Invest, Bajaj Holdings and Investment Ltd., the Nilekani family, Kotak India Advantage Fund and others.
The Moneycontrol reported that the proceeds from the IPO will be used for voluntary redemption of nonconventional debentures (NCDs) issued by the company, debt reduction and general corporate purposes.
Recently leading women’s bottomwear brand Go Colours raised Rs. 1,014 crores via its IPO, while Manyavar owner Vedant Fashions (backed by Kedaara Capital) is also preparing for an IPO.
Fabindia is focused on sustainable and Indian traditional lifestyle products. It offers a diverse portfolio of lifestyle products across apparel and accessories, home and lifestyle, personal care and organic food categories.
It has pan-India network of 309 Fabindia stores and Experience along with online platforms and apps.
