House Of Pearl files DRHP with SEBI for IPO of 61.2 lakh shares

New Delhi, Oct 10 (UNI) Apparel major House of Pearl Fashions Ltd (HoP) said it has filed the Draft Red Herring Prospectus (DRHP) today 2006, with the Securities&Exchange Board of India (SEBI) for its initial public offering of 61.2 lakh equity shares.

The company proposes to offer 61,20,600 equity shares of Rs 10 each for cash at a price to be determined through the 100 per cent book-building process, comprising a fresh issue of 48,95,400 equity shares by the company and an offer for sale of 12,25,200 equity shares by the promoters.

There will be a reservation for Indian employees of 1,22,600 equity shares of Rs 10 as well as 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 shall be allocated on a proportionate basis to Qualified Institutional Buyers (QIBs) and 15 per cent of the offer is reserved for non-institutional investors. 35 per cent of the offer is reserved for retail investors.

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

HoP Fashions is a multinational, ready-to-wear apparel company operating in three distinct business streams -- manufacturing, marketing and distributions and sourcing of garments.

The company has ten modern ready-to-wear apparel manufacturing facilities -- six in North India, one in South India, two in Bangladesh and one in Indonesia. It has marketing and distributions offices in the UK, the US and Hong Kong which overseas marketing and merchandising teams across Canada, Europe, Hong Kong, UK and US.

HoP Fashions manufactures a broad range of products comprising knits, woven sweaters and bottoms in basic as well as complex designs.

UNI RA SRS DB1809