Khadim India eyes Rs 543 cr from IPO

Footwear retailer Khadim India expects to raise Rs 543 crore through initial public offer next month, with the company fixing a price band of Rs 745-750 per share.

The IPO will open for subscription from November 2-6, the company said in a statement.

Khadim India's initial public offer (IPO) comprises fresh issue of equity shares aggregating up to Rs 50 crore besides, an offer for sale of up to 65,74,093 equity shares by the existing shareholders.

The company's promoter Siddhartha Roy Burman would sell 7.22 lakh equity shares, while Fairwinds Trustees Services Pvt Ltd would offer 58,52,093 scrips.

Net proceeds from the issue would be utilised towards payment of loans and for general corporate purposes.

Axis Capital and IDFC Bank are the book running lead managers to the issue.

The firm will be "launching its IPO which is scheduled to open on November 2 and close on November 6 with a price band of Rs 745 to Rs 750 per equity share of face value of Rs 10 each of the company".

At the upper-end of the price band, the IPO is expected to garner Rs 543.06 crore.

The company was incorporated in 1981 and for several years it was involved in wholesaling and distribution of basic utility footwear. It entered into the retail business in 1993.

As on June 30, 2017, it has 853 retail store outlets in across 23 states and one union territory in India.