Stock Market Regulator Sebi has approved the initial public offer (IPO) of Rs 2,600 crore of duty-free for travel retail operator Flemingo Travel Retail. Along with this, the number of companies getting IPO approved by SEBI this year is around 29. The company had handed the draft paper to SEBI in February and got the observation on June 22. Sebi’s observation is essential to bring any public issue, including rights issue, IPO and follow-on public offer (FPO).
According to the draft paper submitted to SEBI, Flemingo’s IPO will have a fresh issue of Rs 2,423 crore. Apart from this, its subsidiary, Flemingo Duty Free Shop, Mumbai Private Limited, will offer 11,29,500 scripts through the offer for sale. According to merchant banking sources, the IPO size will be Rs. 2600 crores.
Use of the IPO money Raised
The company will use the funds raised from the IPO to purchase 100% equity of Flemingo International (UK) Limited from Flemingo International. Apart from this, funds will be used to purchase all the shares of Flemingo Duty Free Shop Pvt Ltd from Flamingo International.
ICICI Securities, Yes Securities, Axis Capital, Credit Suisse Securities and HSBC Securities and Capital Market Company are managing the public issue.
Flemingo International is the head of the UK in promoters of the company. Apart from this, promoters of the company include Viren Ahuja, Arjun Ahuja, Karan Ahuja and Simbolik Infra Projects. Their stake will be bought from the income from the IPO.
Flemingo is a global travel retailer who is a leader in the travel retail market of India and Sri Lanka. Where it operates the core duty free stores. According to Draft Prospectus, Flemingo will issue new shares of Rs 2,423 crore. Apart from this, the company will also offer 11,29,500 shares of its partner Flamingo Duty Free Shop Mumbai for sale. According to merchant bankers, this issue is up to Rs 2,600 crore.
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Flemingo Travel IPO Reviews:
– To Be Updated.
|Flemingo Travel Retail IPO Details|
|Subscription Dates||to be updated|
|Issue Price Band||To be updated|
|Minimum bid (lot size)||To be updated|
|Face Value||to be updated|
|IPO Size||INR 2600 Cr|
|Issue Type||to be updated|
|Listing At||BSE, NSE|