Sebi Keeps BIBA Fashion IPO In ‘Abeyance’
Debt payment and general corporate purposes is what the proceeds form this fresh issuance would be used for.
The Securities and Exchange Board of India (Sebi) has kept in “abeyance” Biba Fashion’s proposed initial share sale. Backed by Warburg Pincus and Faering Capital, the ethnic wear stalwart had filed its preliminary papers with the capital markets regulator Sebi on April 12 to raise funds through an initial public offering (IPO).
The issuance of observations, as updated in August 5th 2022, by Sebi implies its go-ahead for an IPO. The draft papers propose that through the promoter and existing investors, the IPO comprises of fresh issuance of equity shares worth Rs 90 crore and an offer for sale (OFS) of 2.77 crore equity shares.
Proposals to offshore shares have been forwarded by promoter Meena Bindra and private equity investors Warburg Pincus-backed Highdell Investment and Faering Capital India Evolving Fund, as a part of the OFS. Debt payment and general corporate purposes is what the proceeds form this fresh issuance would be used for.
Over the years since its inception in 1986, BIBA has emerged as one of the top ethnic wear brand choices for women. The firm is popular for its wide range of products for women, starting from jewellery to fragrances, apart from its apparel range.