House of Pearl Fashions IPO to open tomorrow

Bangalore, Jan 15 (UNI) The Initial Public Offer (IPO) of House of Pearl Fashions (HoP Fashions) will open tomorrow to raise over 5.9 million equity shares of Rs 10 each on a 100 per cent book building proceeds.

The price band for the issue has been fixed between Rs 525 to Rs 620 per equity share. The issue would close on January 23.

HoP Fashions aimed to utilise the proceeds of the issue to open a chain of retail outlets in India besides acquisition of companies in the US or UK to enhance in presence. It also aimed to double the production capacity of the company in India, Indonesia and Bangladesh to 40 million pieces.

Company Chief Financial Officer Rishi Vig told newsmen here that after consolidating and restructuring its holdings in 10 countries and 11 strategic locations, HoP Fashions has emerged a true Indian multinational in the garment sector having its own fashion designers in different locations in the world to guage the trends in fashion.

He said the company aimed to start atleast 10 retail outets in the country this year.

Mr Vig said the company aimed to enter this fiscal with a total turnover of over Rs 1000 crore as against Rs 480 crore registered during the first half of this year.

The promotors of the company who hold 99 per cent of the equity would dilute their share to around 66 per cent post issue.

UNI