The Hindu Business Line : HoP Fashions files for IPO

Clothing company House of Pearl Fashions Ltd on Tuesday filed a draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering. The company plans to offer 6.12 million shares at a price to be determined during the book-building process, it said in a statement.

At least 50 per cent of the share issue will be earmarked for institutional investors, with 35 per cent set aside for retail investors, the company said. House of Pearl Fashions didn't disclose the amount of money it aims to raise through the IPO.

The investment manager for the issue will be JM Morgan Stanley Private Ltd, the clothing company said.

The shares are proposed to be listed on the National Stock Exchange and Bombay Stock Exchange, it said.

HoP Fashions is an apparel company operating in three distinct business streams — manufacturing, marketing and distributions and sourcing of garments. The company has 10 apparel manufacturing facilities — six in North India, one in the South, two in Bangladesh and one in Indonesia.

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HoP Fashions files for IPO