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Sebi puts Biba Fashion IPO in 'abeyance'

Economic Times  

Capital markets regulator Sebi has placed the proposed IPO of ethnic wear fashion label Biba Fashion in "abeyance" . Launched in 1986, the company develops, designs, sources, markets and sells a wide portfolio of Indian wear for women and girls across multiple brands. It also offers consumers a range of products across jewellery, footwear, wallets and fragrances. The company filed for an IPO on April 12 for a fresh issuance of equity shares worth INR 90 crore and an offer for sale (OFS) of 2.77 crore equity shares by the promoter and existing investors. JM Financial, Ambit, Equirus Capital, DAM Capital Advisors and HSBC Securities and Capital Markets (India) are the book running lead managers to the issue. As a part of the OFS, promoter Meena Bindra and private equity investors Warburg Pincus unit Highdell Investment and Faering Capital India Evolving Fund were proposing to offload shares. The primary proceeds are proposed to be used towards debt payment and for general corporate purposes.