PE-backed Numero Uno files for India IPO
Indian apparel retailer Numero Uno Clothing has filed for an IPO, hoping to raise INR650 million ($10 million) and providing a partial exit for its backer, AA Indian Development Capital Advisors.
The company will be offer 6.8 million shares owned by AA and 1.6 million from promoter Narinder Singh Dhingra, according to a filing. An undisclosed amount of new shares will also be issued.
Numero Uno will use the funds to open 84 new company-owned, company-operated (COCO) stores as it expands outside of its regional base in north India. It will also expand its factory in Dehradun to supply the new stores, and build up its marketing capabilities, especially in the new cities it plans to enter.
Founded in 1987 by Dhingra as Hi-Fashion Clothing Company, the company changed its name to Numero Uno in 2006. It primarily sells casual wear, in addition to accessories such as shoes, belts, wallets, perfumes and deodorants. Currently Numero Uno operates 25 COCO stores, along with 160 franchise-operated exclusive brand outlets. In addition, it sells its products through department stores.
Numero Uno's profit and revenue have risen in recent years. Profit increased from INR110 million in the year ended March 2014 to INR149 million in 2015, while revenue rose from INR1.36 billion to INR1.52 billion over the same period.
AA, an India-focused joint venture between Alchemy Partners and the Ashmore Group, acquired a 25% stake in Numero Uno for INR350 million in 2008. The shares that it is selling total more than half of its holding.
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