Footwear maker and retailer Khadim India Ltd. has taken the first step to go public.
The company, which started as a single store in Kolkata more than five decades ago, filed its draft red herring prospectus with the Securities and Exchange Board of India for an initial public offer, Khadim India said in an emailed statement on Monday. The IPO will comprise of a fresh issue of equity shares aggregating up to Rs 50 crore and an offer for sale of up to 6.57 crore equity shares by existing shareholders.
Axis Capital Ltd. and IDFC Bank Ltd. will manage the offer.
The price band of the IPO will be decided later, said Khadim, which operates 829 retail stores across the country. The company will use the funds raised to repay a portion of its term loans and boost working capital, the statement said.
The company makes and sells shoes and accessories such as wallets, belts and bags. It had established Khadim Egaro, an apparel brand, which was discontinued in 2009 following losses due to dwindling sales.
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