After Fabindia and Manyavar, Biba Becomes Next Fashion Label to File IPO

Photo by Tamanna Rumee on Unsplash

IPOs are in fashion, and Indian fashion labels are all set on this trend. Let’s see if they can walk the ramp to big money. A few weeks after Indian fashion brands Manyavar and Fabindia filed for IPO, Biba Apparels followed suit and has now filed its draft red herring prospectus with market regulator SEBI to join the Indian fashion label listing party. Backed by Warburg Pincus and Faering Capital, the Delhi-based ladies’ ethnic fashion label is looking to raise fresh capital of Rs 90 crore.

Funds raised after issuing fresh stock will be used to pay back debt and for general corporate purposes. The move comes in response to the 48.79% drop in offline sales between FY 20-21 owing to the pandemic. 

What’s happening backstage?

JM Financial, Ambit Capital, Equirus Capital, DAM Capital Advisors and HSBC Securities and Capital Markets will manage the show.

Besides the fresh stock worth Rs 90 crore, the IPO comprises an offer for sale of 2.77 crore equity shares by the promoter and existing investors. The founder, Ms Meena Bindra, will offload up to 37.52 lakh equity shares. 

Launched in 1986, Biba Fashion is into developing, designing and marketing Indian wear for the women. The portfolio of the home-grown brand also includes women’s jewellery, footwear, wallets and fragrances.

Too long? Here’s a one-liner: After Fabindia and Manyavar, Biba becomes next fashion label to file IPO, plans to offer for sale 2.77 crore shares of the company.

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