Fabindia Overseas hires five investments banks to launch $1 billion 'IPO'

10th September 2021, Mumbai:

Ethnic wear retailer Fabindia Overseas has hired five investment banks to launch a $1 billion IPO. Thebanks hired by the fabric maker include CICI Securities, SBI Capital Markets, JP Morgan, Credit Suisse and Nomura.

Fabindia is the latest player intending to capitalize on the buoyant investor sentiments in the primary and secondary market as benchmark indices are at record highs.

The company is expected to file the draft paper with market regulator Sebi in next two months, the sources added. It is expected to seek a valuation of about $2 billion and sell 25-30 per cent stake in the IPO.

AzimPremji's private equity fund, PremjiInvest, is among investors who will sell partial stakes in the company. Infosys co-founder NandanNilekaniand wifeRohiniNilekani are also shareholders.

Over three dozen companies have hit the primary market so far this year, raising more than Rs 60,000 crore.

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