Biba Fashion IPO in ‘abeyance’ by SEBI
Capital Requests controller Sebi has kept in” latency” the proposed original share trade of ethnical wear and tear fashion marker Biba Fashion. Still, the Securities and Exchange Board of India (Sebi) didn’t clarify further. The company, which is backed by Warburg Pincus and Faering Capital, had filed primary papers with Sebi on April 12 to raise finances through an original public immolation (IPO).
Without telling the reason, Sebi said” allocation of compliances (has been) kept in latency” with regard to the IPO of Biba Fashion, an update on the controller’s website showed on Monday. The information was streamlined on August 5. The allocation of compliances by Sebi implies its go- ahead for an IPO. Sebi generally gives its compliances on IPO papers in 30 days.
Going by the draft papers, the proposed IPO comprises fresh allocation of equity shares worth Rs 90 crore and an offer for trade (OFS) of 2.77 crore equity shares by the protagonist and being investors. As a part of the OFS, protagonist Meena Bindra and private equity investors Warburg Pincus- backed High dell Investment and Faering Capital India Evolving Fund are proposing to discharge shares. The company plans to use proceeds from the fresh allocation of equity shares towards debt payment and for general commercial purposes.
Launched in 1986, the company’s flagship brand’ BIBA’ is an’ order creator’ in the women’s Indian wear and tear member. The company develops, designs, sources, and requests and sells a wide portfolio of Indian wear and tear for women and girls across multiple brands. It also offers consumers a range of products across jewellery, footwear, holdalls and spices. JM Financial NSE 0.33%, Ambit, Equirus Capital, DAM Capital counsels and HSBC Securities and Capital Markets (India) are the book running lead directors to the issue.
About BIBA Fashion
BIBA, a synonym for pretty women in Punjabi, is a home-grown fashion brand, started by Mrs. Meena Bindra in 1988. Since then, it has become synonymous with ethnic wear in India. BIBA’s journey so far has been nothing but momentous and incredible, and the story behind the brand is as awe-inspiring as the woman who created it.
How many of us completely fell in love with Kareena Kapoor’s look in “Bajrangi Bhaijaan”? Or swooned over the clean summer silhouettes donned by Priyanka Chopra and Preity Zinta? Over the years BIBA has been the first choice of many actors like Preity Zinta, Esha Deol, Kareena Kapoor, Gauhaar Khan among others. The trendy “Mix and Match” salwaars and dupattas have not just made it to Page 3 but also to the hearts of our favourite stars because of their timeless beauty and design. Biba was also the pioneer of Bollywood merchandising in India with its first integration in “Na Tum Janno Na Hum”, followed by other exclusive partnerships with movies such as “Devdas”, “Baghban”, “Hulchul”, & “Bhoothnath” amongst many others.
Our Incredible Journey
What can you do with a dream in your heart and an unshakable spirit of determination?
That is exactly what Mrs. Meena Bindra started out with, along with a humble sum of 8000 rupees when she set out to create the iconic brand Biba. The brand’s signature designs combined with the intricate detailing of hand block prints made people sit up and take note right away. With love pouring in from many Bollywood celebrities as well, Biba became a household name, with retail stores cropping up across India to cater to the growing demand.
Today Biba is…
From using clean comfortable silhouettes to champion the modern Indian woman, to creating gorgeous designs steeped in our tradition, as well as presenting a line of chic and adorable clothing for children from 2 to 15 years, today BIBA is a powerhouse of contemporary as well as Indian fashion.