Biba files preliminary papers with Sebi for upcoming IPO
Ethnic wear and lifestyle brand Biba has filed its preliminary initial public offering papers with market regulator Sebi, as it gears up for its IPO which will include a fresh issuance of shares and an offer for sale.
Biba plans to use the funds it will raise in its IPO to repay debuts and for other corporate purposes, the Economic Times reported. The IPO will comprise a fresh issuance of Rs 90 crore worth of equity shares as well as an offer for sale of 2.77 crore equity shares.
The equity shares for sale will be sold by Biba’s promoter and existing investors, according to the business’ draft red herring prospectus, accessed by the Press Trust of India. The business’ promoter Meena Bindra will offload 37.52 lakh equity shares in the offer for sale.
Biba Fashion is currently backed by Warburg Pincus and Faering Capital. The business was established in 1986 as a women’s ready-to-wear brand and now retails a wide range of ethnic, fusion, and casual wear as well as girls’ wear, accessories, and homeware items, among others. The business retails from its brick-and-mortar store network across India as well as its dedicated e-commerce store.
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