Stitched Textiles suspends its Rs200 crore IPO plan

24 Aug 2022 , 08:39 AM

Barcelona, a well-known men’s apparel brand owned by Stitched Textiles, has chosen to cancel its Rs200 crore Initial Public Offering (IPO). The IPO was intended to be a completely new issue of equity shares. The proceeds of the offering were to be put to good use for funding working capital needs, general business plans, and the expansion of the company’s retail network by opening exclusive brand locations.

The Securities and Exchange Board of India (SEBI) received the company’s Draft Red Herring Prospectus (DRHP) for the proposed IPO on June 17. An update with the markets regulator on Tuesday revealed that the draft offer documents for the IPO were withdrawn on August 16; the reasons behind the withdrawal, however, were not made public.

Stitched Textiles, a company founded in 2015, specializes in men’s clothing and sells textiles for shirts and suits. Currently, it has 85 stores operating under the franchise concept in more than 50 Indian cities. It sells its goods under the name “Barcelona.” The Chiripal group’s Nandan Terry and Uma Converter canceled their planned initial public offerings earlier this year.