Friday, March 22, 2013

Ashapura Intimates Fashion IPO

Ashapura Intimates Fashion has come out with an IPO of 52.5 lakh equity shares and plans to raise Rs 21 crore through the issue. The company is in the business of designing, branding, marketing and retailing intimate garments such as loungewear, bridal night wear, honeymoon sets, bathrobes and night wear since incorporation.

The IPO shall open on 28 March, 2013 and shall close on 4 April, 2013. The company has fixed the price at Rs 40 per equity share. Investors can bid for a minimum of 3000 equity shares and in multiples of 3000 thereafter. So, a retail investor can only apply for 3000 shares as that amounts to Rs 1,20,000.

The company intends to utilize the proceeds of the IPO to set up 10 EBOs; to fund branding and marketing set-up; investment in the equity shares of our group company; to fund modernization of machinery  to meet incremental working capital requirements; and for general corporate purposes.

The IPO shall get listed on BSE SME. KJMC Corporate Advisors (India) Limited is the lead manager of the issue and Link Intime India Private Limited is the registrar of the issue.

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