Apparels Retailer Biba Fashion Files Papers for public spending, investors to earn stakes

Biba Fashion Files Papers for public spending, investors to divest stakes

Biba Fashion has submitted draft papers for an IPO

New Delhi:

Ethnic fashion brand Biba Fashion, which is supported by Warburg Pincus and Faering Capital, has submitted preliminary papers to Sebi to raise funds through an initial public offering (IPO).

The IPO includes new issues of stock shares worth Rs 90 crore and an offer to buy (OFS) of 2.77 crore equity shares by promoter and existing investors, according to the draft red herring prospectus (DRHP).

As part of the OFS, promoter Meena Bindra will sell up to 37.52 lakh shares and private investors, Highdell Investment and Faering Capital India Evolving Fund with Warburg Pincus will sell a maximum of 1.84 crore and 55.86 lakh equity scrips, respectively.

Funds raised through the fresh issue of shares will be used to repay debt and for general business purposes.

Launched in 1986, the company’s flagship brand ‘BIBA’ is a ‘category maker’ in the Indian women’s wear segment.

The company develops, designs, sources, markets and sells a wide portfolio of Native American wear for women and girls across multiple brands, caters to almost all Native American wear needs of a woman and also offers consumers a variety of products on jewelry, shoes, wallets and fragrances .

According to a Technopak report, the women’s clothing market in India was estimated at $ 21.8 billion, or 36 percent of the total clothing market in the country, as of fiscal year 2020, and is expected to grow into other major market segments, such as menswear and children’s clothing, and could reach $ 33.8 billion by fiscal year 2025.

JM Financial, Ambit, Equirus Capital, DAM Capital Advisors and HSBC Securities and Capital Markets (India) are the book leading executives to the problem.

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