SEBI approves Numero Uno, Sadbhav Infrastructure IPOs

Gurgaon-based apparel and lifestyle accessories firm Numero Uno Clothing Ltd and Sadbhav Infrastructure Project Ltd have received approval from the capital markets regulator Securities and Exchange Board of India (SEBI) for their proposed its initial public offerings (IPO).

Numero Uno had filed its draft red herring prospectus (DRHP) with SEBI in May to float the IPO that comprises fresh issue of equity shares, besides an offer for sale which would lead to a part exit of its existing investor Alchemy Ashmore.

In the IPO, Numero Uno plans to raise to up to Rs 65 crore through fresh issue of shares, 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.

Another firm in the apparel business domain which went public recently is Monte Carlo Fashions. The company raised around Rs 350 crore entirely through an offer for sale by promoters and its investor Samara Capital.

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

Anand Rathi Advisors and Motilal Oswal Financial Services Pvt Ltd are the bankers for the issue.

On the other side, Sadbhav Infrastructure, an infrastructure sector player primarily involved in the development of highways and road projects, was initially looking to raise Rs 600 crore through fresh issue of shares in the IPO. In addition, its existing investors, Xander and Norwest Venture Partners were looking to part-exit in the proposed public issue. It had filed DRHP with SEBI in December last year and got approval in April.

However, the company withdrew its documents in May and refiled its DRHP with SEBI for the public issue. It has now cut the size of fresh issue of shares as well as the quantum of shares offered for sale by its existing private equity backers.

The firm is now looking to raise Rs 425 crore ($66.5 million) through fresh issue of shares in its IPO.

Kotak Mahindra Capital, ICICI Securities, Inga Capital, Edelweiss and Macquarie are the book running lead managers for the public issue.

Started in 2007, it specialises in roads related build-operate-transfer (BOT) projects. All projects are implemented and held through special purpose vehicles, including joint venture entities.

Its operations are spread across Maharashtra, Gujarat, Rajasthan, Karnataka, Haryana, Madhya Pradesh and Telangana.

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