Women’s branded apparel maker TCNS Clothing has filed draft papers for an initial public offer, wherein existing shareholders plans to sell more than 1.57 crore shares.
Little over 1.57 crore shares are to be offloaded through the offer-for-sale (OFS) route, according to the draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India. Out of the total, 47.14 lakh shares would be allocated to anchor investors.
Among others, promoters -- Onkar Singh Pasricha and Arvinder Singh Pasricha -- would offload shares through IPO.
“Our company expects that listing of the equity shares will enhance our visibility and brand image and provide liquidity to our shareholders,” it said.
Kotak Investment Banking and Citi are the book running lead managers for the offer. The company sells its products under the brands ‘W’, ‘Aurelia’ and ‘Wishful’.
As on September 30, 2017, TCNS had sold its products through 418 exclusive brand outlets, 1,305 large format store outlets and 1,361 multi-brand outlets in different parts of the country. It has also sold products through six exclusive brand outlets in Nepal, Mauritius and Sri Lanka.