Mumbai based loungewear manufacturer Momai Apparels Limited (“MAL or the Company”) has filed the draft red herring prospectus with NSE Emerge – the NSE SME Platform for a public issue of approximately Rs 41 Crs through book building route. Out of the total Rs 41 Crs, the Company contemplates to raise approximately Rs13 Crs as pre-IPO placement.
MAL incorporated in the year 2010, is a subsidiary of Ashapura Intimates Fashion Limited (“AIFL”), one of the leading companies in loungewear. MAL is engaged in the business of manufacturing of nonbranded intimate garments such as loungewear, bridal night wear, honeymoon sets, bathrobes, night wear, sportswear, leggings, camisole.
The proceeds raised through the IPO are to be utilized for acquisition of land for new manufacturing facility, long term working capital requirements, general corporate purpose and issue expenses.AIFL, the parent company of Momai and promoted by Mr Harshad Thakkar, has performed well in the SME Segment and current price, which is about 3.5x of issue price, is .
One of the largest shareholder base with institutional investor(s) like SIDBI
Sustained growth in all major operating and financial parameters
In-house brand – ‘Valentine’
Integrated Product Portfolio
Hands on experienced management team
CARE SME rating-1
ISO 9001:2008 certified
Momai has one of the most diverse product baskets of loungewear globally. The Company has an existing annual manufacturing capacity of 32.50 lakh pieces which it proposes to increase by 5 times to 162.5 lakhs by FY 16. Now, Momai proposes to come out with an IPO of approximately Rs 41 Crs at NSE Emerge through book building route.