Numero Uno files IPO papers to raise USD10 million in fresh issue

Numero Uno logoApparel and lifestyle accessories firm Numero Uno Clothing Ltd has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to float an initial public offer (IPO).

The proposed public issue would comprise fresh issue of equity shares worth INR65 crore (USD10 million). The issue would also comprise an offer for sale of up to 16 lakh shares from its promoter Narinder Singh Dhingra and 68 lakh shares from AA India Development Capital Fund. Anand Rathi Advisors and Motilal Oswal Financial Services Pvt Ltd are appointed book running lead managers for the issue which will be through 100% book building route.

Numero Uno sells its products through various channels including 185 exclusive stores, 23 licenced franchisee stores and 38 hypermarkets. These are in addition to over 500 independent retail outlets across India where its products are sold. In all, the company claims to be present in 288 cities through the country. The company operates four manufacturing facilities in Gurgaon (Haryana), Okhla (Delhi), Manesar (Haryana) and Selaqui (Uttarakhand).

Out of the fresh issue in Numero Uno IPO, around INR25 crore would be used to open 84 new fully-owned stores while INR18.8 crore are earmarked for capacity expansion at Selaqui plant in Dehradun. Another INR10 crore would be spent towards brand building and general corporate purposes.

Incorporated in 1987 as Hi Fashion Clothing Co, Numero Uno sells a wide range of denims, trousers, jackets, shirts, t-shirts, shoes and accessories. Apart from homegrown brands like Spykar, Flying Machine and Wrangler, the company competes with international brands like Levi’s and Lee.

This year, 15 companies including Biocon’s custom research arm Syngene International, S H Kelkar and Company Ltd, Catholic Syrian Bank, Dilip Buildcon and Prabhat Dairy have filed their initial papers to launch IPOs.

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Anurag Gupta

With a profound experience in the finance field, Anurag also has years of experience in writing about different domains including finance and technology. He used to write for different content portals along with his association with IPO Central as a frequent contributor. His financial analyst’s background supports his writing and help him to get aware about different news’ of finance world.

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