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SEBI gives nod to Sudar Garments IPO
03
Jan '11
Sudar Garments, a textile firm headquartered in Mumbai recently revealed that it has got the SEBI nod to issue an initial public offering (IPO) to raise a capital of around Rs 650-700 million.

After receiving the SEBI's permission the company would soon file the Red Herring Prospectus (RHP).

The company intends to offer 9.088 million equity shares to the public through book building process, where each share bears a face value of Rs 10. Ashika Capital Ltd is to serve as the sole Book Running Lead Manager for the issue.

This IPO would represent 49 percent of the totally diluted post issue capital of the firm.

The company engaged in production of women's wear, men's wear and kids wear, intends to use the IPO proceeds for expansion of its manufacturing facility at Khopoli in Maharashtra's Raigad district.

The facility presently functions on an area of 1,50,000 sq ft, while post IPO the firm intends to expand the area of the unit by further 50,000 sq ft. The unit now bears a capacity to produce two million garments per year, which would be further raised, post IPO.

The firm even intends to utilize a part of the proceeds for establishing a chain of retail stores, while the remaining fund would be used for brand creation.

The firm, which lately launched its personalized brand 'Glory to Glory', proposes to launch other two brands 'St Paul' and 'Majesty' by February, 2011.

Fibre2fashion News Desk - India

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