Gurgaon-based Genesis Colors has filed its draft red herring prospectus (DRHP) with the market regulator Sebi seeking permission for its Initial Public Offering (IPO).
The public issue consists of fresh issue of equity shares worth R380 crore and offer for sale up to 1,916,741 equity scrips by the existing shareholders including HEP Mauritius, Seminary Tie-Up , Mayfield FVCI, ICP Holdings, and Pranav Ansal among others.
The funds raised through the issue would be utilised for purchase of shares of the company’s subsidiary Genesis Luxury Fashion from Splendor Distributions and promoter Sanjay Kapoor and for general corporate purpose.
The company owns luxury brands like Satya Paul and Bwitch. It also holds the marketing and distribution rights in India for several international luxury labels under its arm Genesis Luxury Fashion, according to the DRHP.
For the year ended March 2016, Genesis colors total revenue grew by 3.2% year-on-year to R440 crore and net losses came down to R70 lakh from R10 crore in the year ended March 2015. The IPO is being managed by ICICI Securities, Edelweiss Financial Services, and Ambit.