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Ethnic wear retailer Fabindia in talks with bankers for $1-B IPO

MyBigPlunge  

Fabindia, a retailer of artisan products and lifestyle items, is considering raising up to USD 1 billion through an initial public offering (IPO). The company is reported to be in talks with several investment banks, including SBI Capital Markets, ICICI Securities and JPMorgan, to manage its IPO. Fabindia is expected to submit its draft IPO documents with markets regulator Sebi by the end of November. The company is expected to seek a valuation of USD 2 billion and sell around 25-30 % stake through the IPO. Established in 1960, Fabindia mainly sources its products from villages helping to provide and sustain rural employment in India.