20 January 2022, Mumbai:
Ethnic wear retail store chain Fabindia plans to launch an IPO to raise Rs 4,000 crore by issuing fresh equity shares and an offer for sale (OFS).
The equity shares will be worth over Rs 500 crore while their OFS will amount to Rs 3,500 crore. The shares will help Fabindia boost its current value to Rs 20,000 crore. The proceeds from the IPO will be used for growth, expansion, and scaling-up of its e-commerce business.
Fabindia, which generates around 15 per cent sales from e-commerce business, aims to grow its online presence. The brand also plans to add stores in view of the increased footfall after the COVID-19 pandemic.
Currently, Fabindia has 311 stores across 118 cities in the country and 14 international stores. The company sells garments, home furnishings, furniture, gifts, jewellery, organic food, and personal care products.
Established in 1960 by John Bissell, Fabindia sources its products from villages of India and showcases handloom textiles and furniture to the world. According to the firm’s website, it currently connects more than 55,000 rural producers to the urban markets. The company also runs its own school with nearly 500 students.
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