'Barcelona' brand apparel maker Stitched Textiles files DRHP for Rs.200-Cr IPO

Ahmedabad-based Stitched Textiles has filed a draft red herring prospectus (DRHP) with capital markets regulator Sebi for its initial public offering (IPO). The company is eyeing to raise INR 200 crore via its primary offering entirely by issuing equity shares, with a face value of INR 1 each. Stitched Textile sells fashion products in an affordable pricing range under its flagship brand 'Barcelona.' The net proceeds will be used towards opening 130 exclusive brand outlets. The company has allocated 75% of equity shares to qualified institutional buyers, while HNIs have 15% of shares are reserved. The remaining 10% equity quota is fixed for the retail bidders.