Bangalore-based retailer -- Shankara BuildPro has filed the draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) and proposes to mop up between Rs 400 crore and Rs 450 crore through initial public offering (IPO), which will involve promoters and investors diluting their stakes to the tune of 35 per cent.
The proposed IPO will enable private equity firm Fairwinds, which had pumped in close to Rs 120 crore in 2011, to exit Shankara.
The lead bankers for the issue are IDFC Bank and Equirus Capital whereas HDFC Bank will be co-manager.
The company is into home improvement and building products. It operates 100 retail stores under the label of Shankara BuildPro spread across 10 states across the Southern, Western and Eastern markets catering to a large customer base across various end-user segments in urban and semi-urban markets through its multi-channel sales approach, processing facilities, supply-chains and logistics capabilities.
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