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IPO

Ethnic wear player Biba Fashion files for IPO; Warburg, Faering Capital to divest stakes

Economic Times  

Gurugram-based ethnic wear fashion label Biba Fashion, which is backed by Warburg Pincus and Faering Capital, has filed preliminary papers with Sebi to raise funds through an initial public offering (IPO). The IPO comprises fresh issuance of equity shares worth INR 90 crore and an offer for sale (OFS) of 2.77 crore equity shares by promoter and existing investors. As a part of the OFS, promoter Meena Bindra will offload up to 37.52 lakh equity shares and private equity investors, Warburg Pincus-backed Highdell Investment and Faering Capital India Evolving Fund will sell 1.84 crore and 55.86 lakh equity scrips, respectively. The proceeds of the issue will be used to repay debt and for general corporate purpose.