Flemingo Travel Retail has filed a Draft Red Herring Prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs 2,600 crore through initial public offering (IPO). The company will issue fresh shares worth Rs 2,423 crore besides an offer for sale of 11,29,500 scrips by one of its subsidiary Flemingo Duty Free Shop Mumbai. The equity shares are proposed to be listed on the BSE and the NSE.
The money raised through the public issue will be utilized towards acquisition of 100% of the equity interest in Flemingo International (UK) from corporate promoter. The funds will also be used to buy all shares of Flemingo Duty Free Shop from Flemingo International, certain individual members of promoter Group -- Viren Ahuja, Arjun Ahuja and Karan Ahuja, and Symbolic Infra Projects.
ICICI Securities, Yes Securities (India), Axis Capital, Credit Suisse Securities (India) and HSBC Securities and Capital Markets (India) are the book running lead managers to the offer.
Flemingo Travel Retail is a global travel retailer with a leading position in Indian and Sri Lanka travel retail markets, where it operates core duty-free stores and the aggregate retail area of core duty-free stores.