Bang Overseas Ltd IPO opens on Jan 28

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Mumbai, Jan 21 (UNI) Bang Overseas Ltd, a provider of fashion fabrics and ready to wear requirements in apparel, textile and a retail segments, is entering the capital market on January 28 with an Initial Public Offering (IPO) of 3,500,000 Equity Shares of Rs ten each for cash at a price to be decided through a 100 per cent Book Building process.

The Company's MD Mr BrijGopal Bang told reporters here today that the bid will close on January 31 and the price band has been fixed between Rs 200 and Rs 207 per equity share. The proceeds from the proposed issue of equity shares are to deployed for setting up retail oultets across India, Brand building, setting up a new apparel manufacturing unit, warehousing and logistic facilities. At present, the company has an installed capacity of 720,000 and 540,000 pieces per annum at its two units at Bangalore.

Presently, Bang overseas Ltd has 12 retail outlets for the sale of "Thomas Scott" brand out of which nine retail outlets are company operated and three are franchisee operated. The company now plans to expand its distribution network by adding 88 retail outlets across the country for its Thomas Scott branded apparel products and fashion accessories.

The Company also proposes to etablish an apparel manufacturing unit in Kolar, near Bangalore, with a capacity of six lakh pieces per month, he added.

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