Pre-IPO: Lovable Lingerie raises Rs 20-cr

Lovable Lingerie said it has raised Rs 20-crore through a pre-IPO placement of 10 lakh equity shares.

Mumbai-based Lovable Lingerie today said it has raised Rs 20-crore through a pre-IPO placement of 10 lakh equity shares with SCI Growth Investments II at a price of Rs 200 per share,including a premium of Rs 190 per share.

The pre-IPO placement constitutes 5.95 per cent of the fully diluted equity stake in the company post its initial public offering of 45,50,000 equity shares of Rs 10 each at a price to be determined by the book building process.

SCI together with the promoter and promoter group hold the entire pre issue capital of the company.

The money raised from the above along with the proposed issue proceeds would be used for setting up of a manufacturing facility to create additional capacity at Bengaluru,brand building and brand development for the company’s ‘College Style’ brand,the company said in a statement.

Anand Rathi Advisors Limited is the book-running lead manager to the proposed issue.

The company’s brands Lovable,Daisy Dee and College Style are retailed through 103 distributors pan-India. The company has three manufacturing facilities–two in Bengaluru,with an installed capacity of 60 lakh pieces per annum and another unit in Uttarakhand with an installed capacity of 7.5 lakh pieces per year.