Numero Uno Clothing to raise funds through IPO

Apparel and lifestyle accessories firm Numero Uno Clothing has approached capital markets regulator Sebi to float an initial public offer (IPO). The proposed public issue consists of fresh issue worth Rs 65 crores and an offer for sale up to 8.4 million equity shares from its promoter and AA India Development Capital Fund, the company said in its Draft Red Herring Prospectus (DRHP) filed with Sebi.

The company aims to utilise the raised capital raised through the issue to expand its retail footprint as on the cards are 84 new stores. It’s also looking at expanding existing production capacity at Selaqui, Dehradun, brand building and general corporate purposes. Anand Rathi Advisors and Motilal Oswal Investment Advisors are the merchant bankers to manage the offer.

The promoter, Narinder Singh Dhingra, has proposed to offer up to 1.6 million equity shares for sale, while AA India Development Capital Fund plans to offer 6.8 million shares, DRHP added.

Numero Uno started by primarily manufacturing jeans for men and slowly moved into jeans for women, eventually designing and manufacturing complete wardrobes for men and women. A knitting plant was set up for the production of shirts and sweaters a few years ago for both men and women.