Koutons IPO oversubscribed 1.96 times on day two
Koutons IPO oversubscribed 1.96 times on day two
Koutons Retail India (KRIL), an integrated apparel maker and retailer, was oversubscribed 1.96 times for its public offer till September 19. KRIL received 3,524,439 share applications as against the issue size of 6,908,535 shares. A total of 400,950 bids were received at cut off price.
KRIL intends to garner maximum of Rs 1,082.27 million through fresh issue. It plans to offer Rs 10 share at a price band of Rs 370 to Rs 415. It has invited investors to subscribe to its issue till September 21. To manage the public issue, KRIL has appointed JM Financial Consultants. The net issue will constitute 11.37% of post-issue capital of the company.
KRIL intends to finance expansion plans worth Rs 869.75 million via proceeds of the fresh issue. Its expansion p lans include setting up of the exclusive brand outlets, establishment of a new integrated manufacturing facility, purchase of plant and machinery to increase capacity and improvement of information technology network.
KRIL is an integrated apparel manufacturing and retail company, engaged in the business of designing, manufacturing and retailing apparel under the `Koutons` and `Charlie Outlaw` brands through a network of 999 exclusive brand outlets across India. It had 18 in-house manufacturing and finishing units and 14 warehouses which are spread across various locations in and around Gurgaon, Haryana. It holds the capacity to manufacture 12.36 million and finish 22.92 million pieces of apparel annually.
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