The Securities and Exchange Board of India (SEBI), capital markets regulator, has put the proposed initial public offering (IPO) of Biba Fashion on hold.
SEBI didn’t disclose the reason for this and said that “issuance of observations (has been) kept in abeyance.”
Leading ethnicwear fashion label Biba Fashion had filed preliminary papers with SEBI four months ago on 12 April to raise funds through an IPO. SEBI usually gives its observations on IPO papers in 30 days. The issuance of observations by SEBI implies its go-ahead for an IPO.
Biba Fashion is backed by Warburg Pincus and Faering Capital.
The proposed IPO of the company 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.
Launched in 1986, Biba Fashion’s flagship brand BIBA is a category creator in the women’s Indianwear segment.
