Ethnic wear fashion label Biba Fashion, backed by Warburg Pincus and Faering Capital, has filed preliminary papers with Sebi to raise funds through an initial public offering (IPO).

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The IPO comprises fresh issuance of equity shares worth Rs 90 crore and an offer for sale (OFS) of 2.77 crore equity shares by a promoter and existing investors, according to the draft red herring prospectus (DRHP).

As a part of the OFS, promoter Meena Bindra will offload up to 37.52 lakh equity shares, and private equity investors, Warburg Pincus-backed Highdell Investment and Faering Capital India Evolving Fund will sell up to 1.84 crore and 55.86 lakh equity scrips, respectively.

Fundraised through the fresh issuance of equity shares will be used to repay debt and general corporate purposes. Launched in 1986, the company’s flagship brand ‘BIBA’ is a ‘category creator’ in the women’s Indian wear segment.