Genesis Colors files IPO to raise Rs 650-cr

Genesis Colors, which owns luxury brands like Satya Paul and Bwitch, has filed draft papers with markets regulator Sebi to raise an estimated Rs 650 crore through an initial public offering.
The IPO comprises fresh issue of shares worth Rs 380 crore and offer for sale up to 1,916,741 equity scrips by the existing shareholders, as per the Draft Red Herring Prospectus.
According to sources, the public issue is expected to garner about Rs 650 crore.
Founded in 1998, Genesis Colors is the holding company of well known Indian fashion brands -- Satya Paul and Bwitch-- Besides, it holds the marketing and distribution rights in India for several international luxury labels under its arm Genesis Luxury Fashion, according to the company's website.

Genesis Luxury Fashion distributes premium international brands like Jimmy Choo, Armani, Paul Smith and Bottega Veneta. The Genesis Group also has joint ventures with the British brand Burberry, Italian menswear Canali and Villeroy & Boch of Germany for tableware.
The funds raised through the issue would be utilised for purchase of shares of the company's subsidiary Genesis Luxury Faishon from Splendor Distributions and promoter Sanjay Kapoor and for general corporate purpose.
The IPO is being managed by ICICI Securities, Edelweiss Financial Services and Ambit.