Lovable Lingerie IPO opens on Women's day

Women's innerwear manufacturer Lovable Lingerie's initial public offering of 45.5 lakh equity shares has opened for subscription today, on International Women's Day.

"The objective of the issue includes setting up of a manufacturing facility to create additional capacity at Bangalore," a company official said here today.

He added, the firm will use the issue proceeds for brand building of their ''college style'' brand, investment in joint venture, setting up exclusive brand outlets along with retail store modules for shop-in-shop, and upgradation of design studios, other than general corporate purposes.

The bid closes on March 10 for qualified institutional buyers and March 11 for non-institutional buyers.

The issue has been graded by Credit Analysis and Research Limited (CARE), and has been assigned CARE IPO Grade-3 indicating average fundamentals, he added.

(With inputs from PTI)