Indian fashion labels are lining up to go public — Fashion brand BIBA files for IPO after Fabindia
- Women’s fashion brand Biba Fashions has filed a draft red herring prospectus (DRHP) with the markets regulator SEBI for the IPO.
- The IPO will include fresh issue of shares worth ₹90 crore and 2.77 crore shares will be sold by promoters and existing investors.
- Private equity investors Warburg Pincus and Faering Capital will also cut their stake in the firm through the IPO.
AdvertisementWomen’s fashion brand Biba Fashions is all set to come up with an initial public offering (IPO) as the company has filed a draft red herring prospectus (DRHP) with India’s markets regulator Securities and Exchange Board of India (SEBI).
There is a queue of Indian fashion brands interested in becoming a public company. Few months back ethnic wear brand Fabindia also filed DRHP with the regulator while brands like Manyavar, Go Colors got listed on exchanges recently. Aditya Birla Fashion & Retail and TCNS Clothing are other listed players in the apparel space.
The IPO of Biba Fashions will include fresh issue of shares worth ₹90 crore and 2.77 crore shares will be sold by promoters and existing investors.
Meena Bindra founded the company in 1988 and now owns over 5% stake in the company. She would sell 37.5 lakh shares through the IPO.
Biba Fashions develops, designs, sources, markets and sells a wide portfolio of Indian wear for women and girls across multiple brands including BIBA and Rangriti. They offer consumers a range of products across jewellery, footwear, wallets and fragrances.
The fund raised through the IPO will be used to pay debt and some for general corporate purposes.
The company reported a loss in FY21 as its offline sales were affected due to COVID-19 restrictions. “We witnessed a 48.79% drop in offline sales between financial years 2020 and 2021, and recorded a loss for the year of ₹118.40 million in fiscal 2021 on account of the impact of COVID-19 on our operations, among others,” said the company in its DRHP.
|FY21||₹525.8 crore||-₹11.8 crore|
|FY20||₹757.2 crore||₹8.9 crore|
|FY19||₹729.4 crore||₹20.2 crore|
SEE ALSO: After Coinbase disables UPI payments, CoinSwitch Kuber halts rupee deposits
How Sachin Tendulkar-backed Smaaash is making a comeback with 45 stores by June 2022
TCS mints almost ₹10,000 crore profit in just three months than in 12 months a decade ago
Popular on BI
- 'Quiet quitting' is a bad idea, experts say. Here are 6 things you can do instead to get the same results if you're looking for better work-life balance – or to lighten your workload
- Airtel 5G launched in eight cities, entire country to be covered by 2024
- This pioneering regional OTT has turned profitable in 5 years – here’s how
- Putin signs unification treaties for new regions
- Meta shuts Bulletin newsletter, refocuses on algorithm to take on TikTok
- Biden sends letter to Yoon expressing willingness for talks on IRA
- India reports 2,468 fresh Covid cases, 17 deaths
- TRS meeting underway to convert itself into national party