FabIndia plans to submit draft red herring prospectus for IPO in early 2022
Ethnic wear and lifestyle retailer FabIndia plans to file its draft red herring prospectus for its IPO in early 2022 and is considering seeking a valuation of around $2 billion (Rs 13,305.5 crore).
FabIndia is preparing for its IPO and is looking to raise around $500 million, ET Bureau reported. The New Delhi-based business’ investors currently include Wipro Limited’s founder Azim Premji’s business PremjiInvest.
The business’ IPO is expected to mainly comprise of investors selling existing shares, anonymous sources told Bloomberg. Although FabIndia is gearing up to file its draft red herring prospectus in early 2022, the timing of the IPO and its size are still subject to change, according to the sources.
The business is also continuing to expand its product categories and recently launched personal care line Fabessentials. FabIndia is continuing to add to Fabessentials’ product selection of natural body-care, haircare, and skincare goods, which retail from its dedicated e-commerce store.
John Bissell founded FabIndia in 1960 to celebrate and promote Indian textiles. The business has links with 55,000 non-metro manufacturers and brings their products including textiles, clothing, and accessories, to a metro and international market and retails both online and in its retail outlets.
Copyright © 2022 FashionNetwork.com All rights reserved.