BackSSIPL Retail refiles DRHP, cuts down issue of fresh shares
According to the latest DRHP filed by SSIPL Retail, available on the Sebi website, the firm is looking to raise Rs72 cr of primary capital
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Mumbai: Footwear manufacturer and retailer SSIPL Retail Ltd on Friday refiled its draft initial public offering (IPO) papers with the market regulator Securities and Exchange Board of India (Sebi), reflecting a cut in the size of the share sale, according to two people aware of the development.
“The firm has cut down the size of the primary offer by almost ₹ 20 crore and hence the need to refile the draft red-herring prospectus (DRHP) with Sebi," said one of the persons mentioned above, requesting anonymity.
According to the latest DRHP filed by the company, available on the Sebi website, the firm is looking to raise ₹ 72 crore of primary capital, with private equity investor Tano Capital selling its entire shareholding of 15.85% through an offer for sale.
The total size of the IPO will be around ₹ 200 crore, said the second person mentioned above, also requesting anonymity.
An email sent to SSIPL Retail seeking comment on the change in its IPO plans did not elicit a response.
The firm has also reduced the number of bankers on the issuance to two from three. Axis Capital Ltd and Ambit Corporate Finance Pvt. Ltd are now managing the offer. IDFC Securities Ltd had been named as the third manager for the IPO in the earlier draft IPO papers filed with Sebi in March.
In line with the reduction in the size of the primary offer, the firm has cut down its expansion plans. According to the new plan, the firm will invest the IPO proceeds to open 10 exclusive brand outlets of Nike, compared with 30 new outlets the firm had planned earlier.
So far this year, 16 firms have raised ₹ 7,496 crore through the IPO route. The issue by InterGlobe Aviation Ltd, which runs the IndiGo, opens on 27 October. IndiGo plans to raise ₹ 3,000 crore through its IPO.
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