Monte Carlo eyes Rs 400cr from IPO; issue opens Dec 3
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26 Nov 2014
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Branded apparel maker Monte Carlo Fashions will launch its initial public offering (IPO) on December 3, three people with direct knowledge of the matter told FE requesting anonymity. The company intends to raise about R400 crore from the offer by selling 54.33 lakh shares, constituting 25 per cent of the post offer equity capital, reported media. The Ludhiana, Punjab-based Monte Carlo is expected to announce its price band on Wednesday (November 26), five business days prior to the launch of the issue as per Sebi rules. “There were certain issues with the valuation that was halting the marketing drive too. But everything is clear now and we are ready to launch the issue,” said one person familiar with the development. Sebi had cleared the offer on September 12, and the issue was earlier slated to hit the markets in end of September to early October. However, the offer was delayed due to discussions over valuations. “Everything was in place and the IPO was set to launch. But the promoters and the investment bankers had some differences of opinion over valuations.there was a gap between what the investors were willing to offer and what the promoters were expecting,” said another person familiar with the matter. SBI Capital Markets, Axis Capital, Edelweiss Financial Services and Religare Capital Markets are managing the issue. |
| Source: Dion Global Type: IPO Related |
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