FabIndia is looking at finding a valuation of around $2 billion
FabIndia, a clothing and furniture retailer inspired by traditional Indian crafts, plans to submit preliminary documents for an initial public offering of up to $500 million, according to the sources. people familiar with the matter.
The Delhi-based company, whose backers include PremjiInvest, the family office of the founder of Wipro Ltd. Azim Premji, aims to submit a so-called draft red herring prospectus as early as next year. It said that its IPO will largely consist of investors selling existing shares, asking not to be disclosed because the information is private.
FabIndia is looking at seeking a valuation of around $2 billion, one of the people said.
These people said discussions are ongoing and that details of the list such as size and timing are subject to change. Representatives for FabIndia and PremjiInvest did not immediately respond to requests for comment.
Companies are pushing ahead with their IPO plans even after the volatile listing of Paytm – which saw the company behind the country’s largest IPO plunge more than 35% in its first two trading days – challenge the excitement of investors. The IPOs of Star Health and Allied Insurance Co. last week, the first major offering since Paytm’s launch, was cut after bids were not received for all of the shares sold.
Founded in 1960 by John Bissell to introduce handmade Indian textiles to the world, Fabindia sources a large portion of its products from villages across India, according to its website. The company connects more than 55,000 rural producers with urban markets and runs its own school with nearly 500 students, the website says.
(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)
