Capital markets regulator Sebi has kept in "abeyance" the proposed initial share sale of ethnic wear fashion label Biba Fashion.
However, the Securities and Exchange Board of India (Sebi) did not clarify further.
The company, which is backed by Warburg Pincus and Faering Capital, had filed preliminary papers with Sebi on April 12 to raise funds through an initial public offering (IPO).
Without disclosing the reason, Sebi said "issuance of observations (has been) kept in abeyance" with regard to the IPO of Biba Fashion, an update on the regulator's website showed on Monday.
The information was updated on August 5. The issuance of observations by Sebi implies its go-ahead for an IPO. Sebi usually gives its observations on IPO papers in 30 days.
Going by the draft papers, the proposed IPO comprises fresh issuance of equity shares worth Rs 90 crore and an offer for sale (OFS) of 2.77 crore equity shares by the promoter and existing investors.
As part of the OFS, promoter Meena Bindra and private equity investors Warburg Pincus-backed Highdell Investment and Faering Capital India Evolving Fund are proposing to offload shares.
The company plans to use proceeds from the fresh issuance of equity shares towards debt payment and for general corporate purposes.
Launched in 1986, the company's flagship brand 'BIBA' is a 'category creator' in the women's Indian wear segment. 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.
JM Financial, Ambit, Equirus Capital, DAM Capital Advisors and HSBC Securities and Capital Markets (India) are the book running lead managers to the issue.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app