Barcelona scraps IPO plan; withdraws draft papers
Sutured fabrics, which owns leading men’s wear and tear fashion brand “ Barcelona ”, has decided to withdraw its Rs 200 crore-original Public Offering( IPO). The IPO was slated to be entirely a fresh issue of equity shares. Proceeds of the issue were to be used for expansion of the company’s retail network by launching exclusive brand outlets, enhancing the visibility and mindfulness of its brand for funding working capital conditions and general commercial proffers.
The company had filed the Draft Red Herring Prospectus (DRHP) for the proposed IPO on June 17 with the Securities and Exchange Board of India (Sebi). still, the draft offer documents for the IPO were withdrawn on August 16 and the reasons for the pullout haven’t been bared, an update with the requests controller showed on Tuesday.
Incorporated in 2015, sutured fabrics is substantially into men’s wear and tear and deals in suiting and shirting fabrics. It operates around 85 stores in franchisee model in further than 50 metropolises in India, as of now. It offers its products under the brand ‘ Barcelona ’. before this time, Nandan Terry, part of the Chiripal group, and Uma Converter withdrew their proposed IPOs.
Barcelona is an initiative of Stitched Textiles Private Limited. Barcelona is India’s largest and fastest growing branded apparel brands and a premium lifestyle player in the retail sector for men’s wear. It has introduced premium international labels, enabling Indian consumers to buy the most prestigious global fashion wear and accessories within the country.
Stitched Textiles Private Limited is defined by its brand Barcelona– that personifies style, attitude, luxury and comfort. Barcelona has more than 50 EBO stores at Pan India Level
Barcelona has monthly manufacturing capacity of 1.2 Million fabrics for suiting and shirting and 2.2 Lac garments manufacturing capacity in Men’s wear. Stitched Textiles Private Limited has a well-established market reputation and is known as a fashion powerhouse.
Barcelona develops exclusive range of fabrics and garments for its store which are designed and crafted by highly experienced and skilled people. We strongly believe in providing our customers with high-end fashion products at very affordable prices.
Through Stitched Textiles Private Limited, the founders fulfilled their dream of starting their brand Barcelona, which is working as a leading brand in men’s apparel across the board.
Our ability to make sound decisions since inception in business has given us a reputation as a solid firm which continues to deliver the products aptly and one that values the relationships with clients, peers and vendors in the industry.
It’s our expertise and commitment that makes Barcelona India’s most trusted apparel brand. The core values of Barcelona – Honesty – Integrity – Work Ethic – Respect – Accountability – remain the company’s hallmark.