The Hindu Business Line : Provogue fixes IPO price band at Rs 130-150

PROVOGUE (India) Ltd, the clothing brand and retailer, is set to enter the capital market with its maiden initial public offering of 40,49,402 equity shares of Rs 10 each for cash at a premium to be fixed through the 100 per cent book building process.

According to a press release, the price band for the issue, which would constitute 25 per cent of the fully diluted post issue paid-up capital of the company, has been fixed between Rs 130 and Rs 150. The issue will open on June 10 and close on June 16.

Provogue, promoted by Mr Nikhil Chaturvedi, Mr Salil Chaturvedi, Mr Akhil Chaturvedi, Mr Nigam Patel, Mr Deep Gupta and Mr Rakesh Rawat, intends to use the funds raised from the IPO to expand its branded stores chain, extend the existing garment manufacturing facilities and build a new product design and development centre besides meeting enhanced working capital requirements.

The company plans to extend its branded store `Provogue Studio' network with the addition of 40 new small studios and 21 large format stores (Provogue Megastores). It already has 41 stores in nine cities.

The book running lead managers to the issue are SBI Capital Markets Ltd, and Karvy Investor Services Ltd and Anand Rathi Securities Private Ltd.

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Provogue fixes IPO price band at Rs 130-150