Branded garment manufacturer Monte Carlo Fashions Ltd is issuing equity shares for public subscription from December 3.

Through the initial public offering (IPO), the company will be selling over 54.33 lakh shares of face value for ₹10 in a price band of ₹630-645 a share.

The issue size will be ₹350 croe (at the upper band of the offer price). The issue will close on December 5. Minimum bid lots are for 23 shares and thereafter in multiples of 23.

The shares on the block together constitute 25 per cent of the post-offer share capital of the company. The company will not receive the funds raised. The public issue is intended as an offer for sale, a sale of shares by private equity investor Samara Capital (which will reduce its shareholding from 18.51 per cent to 10.94 per cent) and the remaining by the promoter group Oswal Woollen Mills Ltd.

The shares will be listed on the BSE and the NSE. Book running lead managers are SBI Capital Markets, Axis Capital, Edelweiss Financial Services and Religare Capital Markets.

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