Footwear retailer SSIPL Retail has received capital markets regulator SEBI’s approval to launch an initial public offering (IPO). The company had filed its draft red herring prospectus (DRHP) with Sebi through its lead merchant banker Axis Capital in March this year.
As per the draft papers, SSIPL Retail would issue a total of over 29.88 lakh equity shares of the company, including a fresh issue of up to 10 lakh equity shares, while existing shareholders Tano Mauritius India FVCI and Rajesh Sahgal would offer over 15.88 lakh shares and 4 lakh shares, respectively.The proceeds of the issue would be utilised towards addition of 30 EBOs for Nike and investment in its subsidiary SSIPL Lifestyle, which will pave the way for the expansion of brand stores for Lotto, Levi’s, United Colors of Benetton, Clarks and Mmojah.In addition, funds would be used for expansion of the Shoe Tree, Shoe Tree Sports and and Value Station retail formats.The issue is being managed by Axis Capital, IDFC Securities and Ambit Corporate Finance.
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