Biba Apparels gears up for 2022 IPO

By

Isabelle Crossley

Published
Jan 11, 2022

Ethnic wear retailer Biba Apparels is gearing up to launch its initial public offering in 2022 and has shortlisted its advisors.

Biba’s IPO this year is expected to include a combination of primary and secondary issuance of shares as it looks to raise growth capital, a source told Moneycontrol. Although no date has yet been set, Biba is expected to file its draft red herring prospectus with market regulator Sebi in the first quarter of the 2022 calendar year. 
 
“Investment banks JM Financial, HSBC Securities, DAM Capital, and Ambit Capital have been engaged recently by Biba Apparels for its proposed IPO in 2022 through which it is looking to raise around Rs 1,500 crore [$225.5 million] to Rs 2,000 crore,” another anonymous source close to the matter told Moneycontrol.  

Delhi-based Biba Apparels is backed by Warburg Pincus and Faering Capital. The IPO is expected to facilitate a partial exit for the two private equity investors.
 
Biba retails an array of women’s clothing including ethnic wear, occasion wear, and lounge wear as well as girls’ wear, accessories, and lifestyle goods among others. Meena Bindra founded Biba in 1988 and the brand has continued to expand its product categories, its most recent launch being its maiden perfume line ‘Spelle’. Biba also recently celebrated the launch of its 300th brick-and-mortar store.