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Wednesday, January 03, 2007

Page Industries files DRHP with Sebi

Page Industries, exclusive licensee of Jockey International (USA) for India, Sri Lanka, Nepal, Bangladesh and Maldives, has filed its draft red herring prospectus, DRHP with Securities & Exchange Board of India, Sebi to enter the capital market with its initial public offering, IPO of equity shares, as per press release.

The company proposes to issue 28,04,000 equity shares of Rs 10 each for cash at a premium to be decided through a 100% book building process. Of this, 14,12,354 equity shares would constitute fresh issue of equity shares and the balance 13,91,646 equity shares are an offer for sale by the promoters.

The total offer constitutes 25.14% of the post issue fully diluted paid up capital of the company.

Page Industries proposes to reserve 15,000 equity shares for allotment to eligible employees of the company. The balance 27,89,000 equity shares are the net offer to public. Out of this net offer upto 50% will be allocated to qualified institutional bidders, of which upto 5% will be allotted to mutual funds only. Further, 15% is to be allocated to non-institutional investors and upto 35% will be allocated to retail individual investors.

Page Industries commenced operations in the year 1995 in Bangalore with the manufacturing, distribution and marketing of Jockey products. The company’s promoters have been associated with Jockey International for 47 years as their sole licensee in Philippines.

Jockey has the distinction of being the only innerwear brand in the country, which has been recognized as “Superbrand”. Jockey is retailed in over 14,000 stores in over 1100 cities and towns spanning the entire length and breadth of the country. The company reported a revenue growth from Rs.71.1 million in FY1997 to Rs 1011.9 million in FY 06.

The company has appointed IL&FS Investsmart as the sole book-running lead manager to the issue

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