India’s leading retailer of ethnicwear Fabindia Overseas Ltd. has hired five investment banks to help raise between US $ 750 million and US $ 1 billion.
As per media reports, the retailer has hired investment banks ICICI Securities, SBI Capital Markets, JP Morgan, Credit Suisse and Nomura.
Fabindia is expected to submit its draft initial public offering (IPO) documents with the SEBI in next two months.
It has been reported that the retailer may sell approximately 25-30 per cent stake to the public in a mix of primary and secondary share sales.
Depending on shareholders’ decisions to exit during the IPO, the issue size could be as small as US $ 500 million though the IPO valuation has not been decided.
PremjiInvest, one of the company’s investors, will sell a part of its stake in the company during the IPO. Lighthouse Funds, funds managed by Axis Alternative Asset Management and Kotak Securities are other investors in the company. Nandan Nilekani, Co-founder, Infosys and his wife Rohini Nilekani are also shareholders.
A spokesperson of the company said, “At the right stage, we will discuss any plans with the board of directors and be guided by their decision. We have nothing further to comment on this subject at this stage.
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