Lovable Lingerie to raise Rs 93.3 crore with Initial Public Offer (IPO)

Women's innerwear manufacturer, Lovable Lingerie, today said it will enter the capital market to raise Rs 93.3 crore with its Initial Public Offer (IPO) on March eight.

The company will issue 4.55 million shares of Rs 10 each for cash at a price band of Rs 195-Rs 205 per equity share. The issue would constitute 27.08 per cent of the company's paid-up capital.

The closing date for the IPO will be March 10 for Qualified Institutional Buyers (QIBs) and March 11, for non-institutional and retail individual buyers.

Lovable Lingerie managing director L Vinay Reddy said they planned to enter newer markets with a joint venture and launch a new brand, hence the strategic step of the IPO.