Stocks

Lovable Lingerie fixes IPO price band at Rs 195-205

Our Bureau Mumbai | Updated on November 10, 2017

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The initial public offering of Lovable Lingerie, a manufacturer of women's innerwear, will open on March 8. The company plans to raise Rs 93.27 crore through the issue, the price band for which has been fixed at Rs 195-205 a share.

The issue will close on March 10 for Qualified Institutional Bidders and March 11 for high networth individuals and retail investors.

The company had placed 10 lakh shares at Rs 200 a piece with SCI Growth Investments, which constitutes close to six per cent of Loveable's fully diluted equity stake after its IPO. The company has raised Rs 20 crore through the pre-IPO placement.

The company will offer 45.5 lakh shares through the IPO, which constitutes 27.08 per cent of the post-issue paid-up capital of the company. The QIBs will be allotted up to 50 per cent of the shares, HNI 15 per cent and retail investors 35 per cent. The issue will be open to anchor investors on March 7. The shares will be listed on both the BSE and NSE.

The proceeds from the issue will be used for setting up a manufacturing facility to create additional capacity at Bangalore, brand building, brand development, investment in a joint venture, setting up of exclusive brand outlets; setting up of retail store modules for “shop-in-shop” and also to upgrade it design studios and for general corporate purposes.

Rating agency CARE has graded the issue 3/5 indicating above average fundamentals. Anand Rathi Advisors are the sole book running lead managers to the issue.

Published on March 03, 2011

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