Biba Fashion, which is backed by Warburg Pincus and Faering Capital, has filed draft red herring prospectus (DRHP) with Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The IPO comprises fresh issuance of equity shares worth Rs 90 crore and an offer for sale (OFS) of 2.77 crore equity shares by promoter and existing investors.
Fund raised through the fresh issuance of equity shares will be used to repay debt and for general corporate purpose. JM Financial, Ambit, Equirus Capital, DAM Capital Advisors and HSBC Securities and Capital Markets (India) are the book running lead managers to the issue.
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, markets and sells a wide portfolio of Indian wear for women and girls across multiple brands, catering to almost all of a woman's Indian wear needs and also offers consumers a range of products across jewellery, footwear, wallets and fragrances.
