Sharekhan bullish on Lovable Lingerie business

The 45.5 lakh shares initial public offering of Lovable Lingerie - women's innerwear manufacturer - has opened for subscription. Sharekhan is bullish on company's business, considering strong brands, focused strategy and robust financials as well as the vast canvas of opportunity in this space, according to its report dated March 7.

Lovable plans to raise up to Rs 93.28 crore via issue of 45.5 lakh equity shares at higher end of price band of Rs 195-205 a share, which are proposed to be used for a manufacturing facility, brand promotion and retail expansion.

The report says, "Loveable Lingerie is present in the fast growing branded innerwear segment that offers a significant growth opportunity owing to the low penetration of branded products, the rising income of Indians and the growing trend of urbanisation. The company

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