Biba Fashion Files Papers For Public Issue, Investors To Divest Stakes

Ethnic wear fashion label Biba Fashion, which is backed by Warburg Pincus and Faering Capital, has filed preliminary papers with Sebi to raise funds through an initial public offering (IPO)..The IPO comprises fresh issuance of equity shares worth Rs 90 crore and an offer for sale (OFS) of 2.77 crore equity shares by promoter and existing investors, according to the draft red herring prospectus (DRHP)..As a part of the OFS, promoter Meena Bindra will offload up to 37.52 lakh equity shares and private equity investors, Warburg Pincus-backed Highdell Investment and Faering Capital India Evolving Fund will sell up to 1.84 crore and 55.86 lakh equity scrips, respectively..Fund raised through the fresh issuance of equity shares will be used to repay debt and for general corporate purpose..Launched in 1986, the company's flagship brand 'BIBA' is a 'category creator' in the women's Indian wear segment..The company develops, designs, sources, markets and sells a wide portfolio of Indian wear for women and girls across multiple brands, catering to almost all of a woman's Indian wear needs and also offers consumers a range of products across jewellery, footwear, wallets and fragrances..According to a Technopak Report, the women's apparel market in India was estimated at $21.8 billion, or 36 per cent of the total apparel market in the country, as of financial year 2020, and is expected to outgrow other major market segments, such as menswear and kidswear, and may reach $33.8 billion by financial year 2025. .JM Financial, Ambit, Equirus Capital, DAM Capital Advisors and HSBC Securities and Capital Markets (India) are the book running lead managers to the issue..(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Biba Fashion Files Papers For Public Issue, Investors To Divest Stakes

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