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Bang Overseas to set up at new apparel unit thru IPO
Jan '08
Bang Overseas Limited, a provider of fashion fabrics and ready-to-wear requirements in apparel, textile and retail segment, is entering the capital market with an Initial Public Offering (IPO) of 3,500,000 Equity Shares of Rs 10 each for cash at a price (Equity Shares) to be decided through a 100% Book-Building Process.

The Issue will constitute 25.81% of the post-issue paid-up capital of the Company. The Bid/ Issue will open for subscription on January 28, 2008, and close on January 31, 2008. The Price Band has been fixed between Rs 200 and Rs 207 per Equity Share.

The Issue comprises a Net Issue of 3,400,000 Equity Shares of Rs 10 each after a reservation for eligible employees of 100,000 Equity Shares of Rs 10 each for cash at a premium. The Equity Shares are proposed to be listed on Bombay Stock Exchange Limited and National Stock Exchange of India Limited.

At least 50% of the Net Issue shall be allotted to Qualified Institutional Bidders (“QIBs”) on a proportionate basis, of which 5% shall be available to Mutual Funds only. If at least 50% of the Net Issue cannot be allotted to QIBs, then the entire application money shall be refunded.

Further, not less than 15% of the Net Issue shall be available for allocation on a proportionate basis to Non-Institutional Investors and not less than 35% of the Issue shall be available for allocation on a proportionate basis to Retail Individual Bidders.

The proceeds from the proposed Issue of Equity Shares are to be deployed for setting up retail outlets across India; brand building; setting up a new apparel manufacturing unit; warehousing and logistic facilities; general corporate purposes and to meet Issue expenses.

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