House of Pearl Fashions files DRHP with SEBI

Mumbai, Oct 10 (UNI) House Of Pearl Fashions Ltd (HoP Fashions) today filed its Draft Red Herring Prospectus (DRHP) with the Securities&Exchange Board of India (SEBI) for its Initial Public Offering (IPO) of equity shares.

HoP Fashions, a ready-to-wear apparel company, proposes to offer 6,120,600 equity shares of Rs 10 each for cash at a price to be determined through the cent per cent book-building process, comprising a fresh issue of 4,895,400 equity shares by the company and an offer for sale of 1,225,200 equity shares by the promoters, said the company's release.

There will be a reservation for Indian employees of 122,600 equity shares of Rs 10 each. There will also be a green shoe option of 6,12,060 equity shares of Rs 10 each.

The equity shares are proposed to be listed on the National Stock Exchange and Bombay Stock Exchange.

At least 50 per cent of the net offer to the public to be allocated on proportionate basis to Qualified Institutional Buyers (QIBs) and 15 per cent of the offer is reserved for non-institutional investors, while 35 per cent of the offer is reserved for retail investors.

JM Morgan Stanley is the sole Book Running Lead Manager for the IPO.

UNI SN KU SKB2003