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Numero Uno Clothing looks to raise $10M in IPO; Alchemy Ashmore to part-exit

04 May, 2015

Gurgaon-based apparel and lifestyle accessories firm Numero Uno Clothing Ltd has filed its draft red herring prospectus (DRHP) with the securities market regulator Securities and Exchange Board of India for its initial public offer (IPO).

The proposed public issue comprises fresh issue of equity shares to raise up to Rs 65 crore (a little over $10 million), besides an offer for sale which would lead to a part exit of its existing investor Alchemy Ashmore.

VCCircle had first reported that the company is filing papers to go public.

Another firm in the apparel business domain which went public recently is Monte Carlo Fashions. It is currently trading over 17 per cent below issue price. Monte Carlo’s IPO raised around Rs 350 crore entirely through an offer for sale by promoters and existing investor Samara Capital.

Here’s a snapshot of the IPO

* IPO comprises fresh issue of shares to raise up to Rs 65 crore in addition to an offer for sale of up to 6.8 million equity shares by Alchemy Ashmore and 1.6 million equity shares by promoter Narinder Singh Dhingra.

* Bankers: Anand Rathi Advisors and Motilal Oswal Financial Services Pvt Ltd.

Use of proceeds

* Of the total proceeds of the fresh issue, around Rs 25 crore would be used for setting up 84 new COCO stores, nearly Rs 18.8 crore for expanding its existing capacities at Selaqui and Dehradun, about Rs 10 crore for brand building and remaining for general corporate purposes.

Company

* Numero Uno was incorporated in 1987 by Narinder Singh as Hi Fashion Clothing Co and changed its name in 2007.

* It has a distribution network with 185 exclusive stores, 23 licenced franchisee stores and presence in 38 hypermarkets in addition to over 500 retail outlets pan-India. It has extensive retail and wholesale network across 288 cities pan-India.

* Each store houses denims, trousers, jackets, shirts, t-shirts, shoes and accessories.

* Numero Uno has four manufacturing facilities in Gurgaon, Okhla (Delhi), Manesar (Haryana) and Selaqui (Uttaranchal).

* The firm competes with other home-grown brands like Spykar, Flying Machine, Wrangler apart from international brands like Levi’s and Lee.

Financials

* For the financial year ended on March 31, 2013, 2014 and 2015, it posted a consolidated revenues of Rs 132 crore, Rs 140 crore and Rs 153 crore, respectively. Consolidated net profit of the company during the same period was Rs 8.1 crore, Rs 12.5 crore and Rs 14.78 crore, respectively.

Investor

* AA India Development Capital Fund, an India-focused fund managed by Ashmore and Alchemy, had invested Rs 35 crore to pick 25 per cent stake in Numero Uno in 2008. It is selling over half of its stake.

(Edited by Joby Puthuparampil Johnson)


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Numero Uno Clothing looks to raise $10M in IPO; Alchemy Ashmore to part-exit

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