Monte Carlo Fashions IPO subscribed 7.58 times

The IPO receives bids for 2.88 crore shares

Monte Carlo Fashions initial public offer (IPO) received bids for 2.88 crore shares compared with 38.03 lakh shares on offer on the final day of bidding for the IPO today, 5 December 2014, as per data at 17:00 IST on NSE. The IPO was subscribed 7.58 times. The issue opened for subscription on 3 December 2014 and ended today, 5 December 2014.

The price band of the issue has been fixed at Rs 630 to Rs 645 a share. At upper price band the company could raise Rs 348.30 crore and at a lower price band it could raise Rs 340.20 crore.

The IPO Committee of the company at its meeting held on 2 December 2014 and selling shareholders in consultation with the book running lead managers has finalized allocation of 16.29 lakh shares in aggregate to anchor investors at anchor investor allocation price of Rs 645 per share.

The issue of 54 lakh equity shares of face value of Rs 10 each, i.e., 25% of the share capital, is an offer for sale by the promoters and members of the promoter group (offering 17.42% of the share capital) and by KIL (offering 7.58% of the share capital). Post offer, KIL will hold 10.94% and the promoter and promoter group around 63.63% of the total post issue share capital of Rs 21.73 crore.

The object of the issue is to achieve the benefits of listing the equity shares on the stock exchanges and to further enhance the visibility and brand image among the existing and potential customers and provide liquidity to the existing shareholders.

The company's net profit fell 11.58% to Rs 48.90 crore on 24.55% rise in net sales to Rs 503.73 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).

Monte Carlo Fashions is one of the leading Indian Apparel players. Its brand Monte Carlo has been recognized as a super brand for woolen knitted apparel in each edition of Consumer Super brands India since its inception in 2004. The company primarily caters to the premium and mid premium branded apparel segment for men, women and kids, offering a comprehensive range of woolen, cotton and cotton blended knitted and woven apparel and home furnishings through 196 exclusive Monte Carlo brand outlets and more than 1,300 multi-brand outlets (MBOs).

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