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Sebi puts Warburg Pincus-backed Biba Fashion's IPO in 'abeyance'

As part of the OFS, promoter Meena Bindra and private equity investors Warburg Pincus-backed Highdell Investment and Faering Capital India Evolving Fund are proposing to offload shares

Topics
Warburg Pincus | SEBI

Press Trust of India  |  New Delhi 



Biba Fashion

Capital regulator has kept in "abeyance" the proposed initial share sale of ethnic wear fashion label Biba Fashion.

However, the Securities and Exchange Board of India (Sebi) did not clarify further.

The company, which is backed by and Faering Capital, had filed preliminary papers with on April 12 to raise funds through an initial public offering (IPO).

Without disclosing the reason, said "issuance of observations (has been) kept in abeyance" with regard to the of Biba Fashion, an update on the regulator's website showed on Monday.

The information was updated on August 5. The issuance of observations by Sebi implies its go-ahead for an . Sebi usually gives its observations on papers in 30 days.

Going by the draft papers, the proposed IPO comprises fresh issuance of equity shares worth Rs 90 crore and an offer for sale (OFS) of 2.77 crore equity shares by the promoter and existing investors.

As part of the OFS, promoter Meena Bindra and private equity investors Warburg Pincus-backed Highdell Investment and Faering Capital India Evolving Fund are proposing to offload shares.

The company plans to use proceeds from the fresh issuance of equity shares towards debt payment and for general corporate purposes.

Launched in 1986, the company's flagship brand 'BIBA' is a 'category creator' in the women's Indian wear segment. The company develops, designs, sources, and sells a wide portfolio of Indian wear for women and girls across multiple brands. It also offers consumers a range of products across jewellery, footwear, wallets and fragrances.

JM Financial, Ambit, Equirus Capital, DAM Capital Advisors and HSBC Securities and Capital (India) are the book running lead managers to the issue.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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First Published: Mon, August 08 2022. 18:42 IST

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