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Thursday, February 01, 2007

House of Pearl Fashions fixes issue price at Rs 550

House Of Pearl Fashions, a multinational, ready-to-wear apparel company operating in three distinct business streams: manufacturing, marketing & distribution and sourcing of garments, entered the capital market with an IPO of equity shares and has fixed its issue price at Rs 550 per share, as per press release.

House of Pearl Fashions had offered 59,84,994 equity shares of Rs 10 each through the book building route, which comprised of fresh issue of 4,759,794 equity shares by the company and an offer for sale of 1,225,200 equity shares by the promoters. There was a reservation of 122,600 equity shares for employees. There will also be a green shoe option of 612,060 equity shares of Rs 10 each. The issue will constitute 33.52% of the fully diluted post-issue equity share capital of the company assuming that the green shoe option is exercised in full.

The issue which opened for subscription on January 16, 2007 and closed on January 23, 2007, received an overwhelming response.

The equity shares are proposed to be listed on the BSE and NSE.

JM Morgan Stanley is the sole book running lead manager for the IPO.

About House of Pearl Fashions

HoP Fashions is a multinational, ready-to-wear apparel company operating in three business streams: manufacturing, marketing and distributions and sourcing of garments. HoP Fashions operates ten modern ready-to-wear apparel manufacturing facilities, of which six are located in North India, one in South India, two in Bangladesh and one in Indonesia. HoP Fashions manufactures a broad range of products comprising of knits, woven, sweaters and bottoms in basic as well as complex designs.

The company has marketing and distribution offices in UK, US and Hong Kong which oversee marketing and merchandising teams across Canada, Europe, Hong Kong, UK and US that interact with customers at their locations. The Company also owns warehousing and processing units in UK and US. HoP Fashions also has a sourcing business in Hong Kong with offices in China, Bangladesh and India. The Company has fabric development centers in China and India as well design and product development teams in UK, US, India and Hong Kong.

As on August 31, 2006, the Company’s facilities were spread over 725,250 sq feet of space with an aggregate installed production capacity of about 20 million pieces per annum compared to an aggregate installed production capacity of approximately 16 million pieces per annum as on June 30, 2006 and approximately 10 million pieces per annum as on March 31, 2006.

As on June 30, 2006, HoP Fashions employed approximately 6,496 full time employees, of which 4,193 were based outside India.

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