Khadim India raises 163 crore ahead of public offer

By

Isabelle Crossley

Published
Nov 2, 2017

One day before its Initial Public Offering (IPO), the footwear brand Khadim India has reported raising 163 crore rupees (approximately 24.5 million US dollars) through anchor investors.

According to regulatory filings, UTI Mutual Fund, HSBC Global Investment Fund, IDFC Mutual Fund, Franklin India are the main anchor investors. The brand’s IPO committee allocated a total of 2,172,227 shares to over ten anchor investors. Each share was priced at 750 rupees (approximately 11.6 US dollars) which brings the total to approximately 163 crore rupees (approximately 24.5 million US dollars).

Khadim India will now hold a share sale from November 3 to 6 during which time they will be open for public subscription. For the sale, there will be a fresh issue of equity shares which could be worth up to 50 crore rupees (approximately 7.5 million dollars). The number of shares up for sale from existing shareholders is 6,574,093. Siddhartha Roy Burman, the company’s promoter, will put up 7.22 lakh shares for sale and Fairwinds Trustee Services Private Limited will put up 5,852,093 shares. For the IPO, the shares have been priced at between 745 and 750 rupees a piece.

The footwear brand announced their decision to turn their subsidiaries into premium brands last week. Khadim India has stated that money raised from the IPO will be used to pay debts and for corporate purposes.