NEW DELHI: Biba Apparels on Monday filed draft papers with the capital markets regulator SEBI for a Rs 90-crore Initial Public Offering (IPO) as well as for an offer for sale (OFS) of 2.77 crore equity shares by promoters and existing investors.
The Gurgaon-based company will use the fund raised through the IPO to pay debt and some for general corporate purposes. The company in its DRHP said, “While our operations had significantly slowed down during early 2020 and we have almost resumed to full normalcy with requisite precautions, the actual impact of Covid-19 pandemic on our financial condition remains uncertain…”
“For instance, we witnessed a 48.79% drop in offline sales between financial years 2020 and 2021, and recorded a loss for the year of Rs 118.40 million in Fiscal 2021 on account of the impact of Covid-19 on our operations, among others.
However, we have since seen a recovery in our operations and witnessed a 76.05% growth in sales from online channels between financial years 2020 and 2021, accelerated by the growth in the number of online shoppers in India,” it added. Biba Apparels is an Indian fashion brand that develops, designs, sources, and sells a wide portfolio of Indian wear for women.