Celebrity Fashions to raise Rs 81cr via IPO

Celebrity Fashions is planning to raise up to Rs 81 crore through an initial public offering (IPO) to finance its Rs 96 crore expansion plan.

V Rajagopal, CMD of Celebrity Fashons, said: "The company is entering the capital market on December 19 with an IPO of 45.5 lakh shares of Rs 10 each through the book-building process. The issue closes on December 22, 2005, and the price band is Rs 160-180 per share."

The company proposes to utilise the funds to part-finance the acquisition of a trouser facility, setting up an exclusive Indian Terrain store, its readymade garment brand, and raise garment production capacity.

It is also planning to open 20 exclusive Indian Terrian stores in the next three years, and set up a new factory for manufacturing tops with a consolidated capacity of 920 production machines.