FabIndia Filed Draft Papers With SEBI

Ethnic-wear brand FabIndia has filed prospectus with SEBI for an IPO. Their offer comprises a fresh issue of Rs.500 crore and an offer for sale of 25,050,543 equity shares by existing investors. It has the investments from Azim Premji’s firm.  The company has submitted its DRHP to raise an IPO at a valuation of more than Rs.20,000 crore. ICICI Securities, Credit Suisse Securities(India), J.P. Morgan India, Nomura Financial Advisory and Securities (India), SBI Capital Markets and Equirus Capital are the book running lead managers to the issue. The selling shareholders apart from promoters Bissell family members also include Premji Invest, Bajaj Holdings and Kotak India Advantage Fund among other investors. “In order to reward and express gratitude to certain artisans and farmers engaged with the company or its subsidiaries, certain of Fabindia’s promoters, namely, Bimla Nanda Bissell and Madhukar Khera, pursuant to their letters each dated January 14, 2022, respectively intend to transfer 400,000 equity shares and 375,080 equity shares,” according to the company’s DRHP.

The six-decade-old Fabindia runs more than 300 Fabindia-branded outlets and more than 70 Organic India stores nationwide and the New Delhi-based retailer sources products from over 2,200 farmers directly and deals with over 10,300 farmers through their associates. It is the latest among a host of retailers including Go Colors and Biba that have either tapped the markets or targeting their IPOs later this year.