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BIBA IPO: Biba Fashion preparing to bring IPO, papers submitted with SEBI, check details related to issue

BIBA IPO: Biba’s IPO, which has become a well-known name brand in the matter of ethnic clothing, is about to come.

BIBA IPO: The IPO of Biba, which has become a well-known name brand in the matter of ethnic clothing, is about to come. Biba Fashion Limited has filed a draft red herring prospectus (DRHP) with the market regulator SEBI for raising money through IPO. Through this IPO, the company will issue new shares worth Rs 90 crore and about 2.78 lakh crore shares will be sold through Offer for Sale (OFS). Talking about its listed peers, TCNS Clothing Company, Trent, Go Fashion (India), Vedanta Fashion and Aditya Birla Fashion & Retail are listed in the domestic equity market.

BIBA IPO Details

  • Through IPO, new shares of Rs 90 crore of Biba will be issued. According to the draft filed with SEBI, the company may also bring in pre-IPO placements and if this happens, the size of fresh shares may be reduced.
  • The existing shareholders of the company will sell 2,72,62,040 equity shares under the offer for sale. Under the OFS, the company’s promoter Meena Bindra will sell 37,51,885 shares and other shareholders Hydel Investments Limited 1,84,23,875 and Fearing Capital India Evolving Fund 55,86,250 shares.
  • Face Value – Rs 10 per share
  • JM Financial, Ambit Pvt, DAM Capital Advisors, Equirus Capital Pvt and HSBC Securities and Capital Markets (India) Pvt Ltd are the book running lead managers and LINK Intime India Pvt Ltd registrars for the issue.
  • The money raised by the issue of new shares will be used by the company to pay off debt and meet general corporate objectives.

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