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Khadim India IPO opens on Nov 2, price band set at Rs 745-750

The footwear retailer expects to raise Rs 543 crore through IPO next month

Press Trust of India  |  New Delhi 

Khadim India

Footwear retailer expects to raise Rs 543 crore through initial public offer (IPO) next month, with the company fixing a price band of Rs 745-750 per share.

The will open for subscription from November 2-6, the company said in a statement.

Khadim India's comprises the fresh issue of equity shares aggregating up to Rs 50 crore besides, an offer for sale of up to 65,74,093 equity shares by the existing shareholders.

The company's promoter would sell 7.22 lakh equity shares, while Fairwinds Trustees Services Pvt Ltd would offer 58,52,093 scrips.

Net proceeds from the issue would be utilised towards payment of loans and for general corporate purposes.

Axis Capital and are the books running lead managers to the issue.

The firm will be "launching its which is scheduled to open on November 2 and close on November 6 with a price band of Rs 745 to Rs 750 per equity share of face value of Rs 10 each of the company".

At the upper-end of the price band, the is expected to garner Rs 543.06 crore.

The company was incorporated in 1981 and for several years it was involved in wholesaling and distribution of basic utility footwear. It entered into the retail business in 1993.

As on June 30, 2017, it has 853 retail store outlets in across 23 states and one union territory in India.

First Published: Thu, October 26 2017. 14:21 IST