Biba Fashion IPO put on hold by SEBI

10 Aug 2022 , 11:46 AM

SEBI has put on hold the IPO of Biba Fashion. The regulator has simply posted on its website that ,”issuance of observations has been kept in abeyance.” When SEBI issues observations on an IPO, it effectively means that it has given green light to the IPO. Biba had filed the DRHP for the IPO on 12th April. Usually it takes 30 days for SEBI to give its go-ahead to an IPO.

Biba is a designer, manufacturer and retailer of ethnic wear for women. It has presence both in the brick-and-mortar segment and the online retail segment. The company has more than 300 stores across India. It has been in operations since 1986. Investors in the company include Warburg Pincus, Faering Capital etc.  As per the information given in DRHP, the IPO will have Rs90 crore worth of fresh equity shares and 2.77 crore equity shares as part of Offer for Sale.  Warburg Pincus, Faering Capital, and founder Meena Bindra will be selling some of their shares as part of Offer for Sale. 

https://www.indiainfoline.com/biba-ipo/