When s p apparels ltd (tamil nadhu) company fixed ipo price rs 258 to rs 268 per equity share, think about korean company value in the days to come. no need to worry for e-land, will fly high in the days to come.s p apparels ltd, manufacturers and exporters of knitted garments for children, has fixed a price band of rs 258-268 per equity share for its proposed initial public offer (ipo) that seeks to raise around rs 215 crore. "the company has fixed the price band from rs 258 to rs 268 per equity share consisting of a fresh issue of equity shares aggregating up to rs 215 crore and an offer for sale of up to 9,00,000 equity shares by new york life investment management india fund (fvci) ii llc, the selling shareholder," s p apparels chairman and managing director p sundararajan told reporters here. the offer opens on august 2 and closes on august 4. the tiruppur-based company currently operates through 21 manufacturing facilities in tamil nadu. for fiscal year 2016, the company exported approximately 35.98 million pieces of knitted garments for infants and children directly to international customers, including tesco and primark. the ipo is managed by motilal oswal investment advisors private limited and centrum capital limited. the equity shares offered through the ipo are proposed to be listed on bse and nse.South Korean fashion conglomerate E-Land Group has shortlisted five preliminary candidates that bid at least 1 trillion won ($859 million) for apparel brand Teenie Weenie%u2019s operations in China.
The group said on Tuesday that 10 bidders participated in the auction and its sale%u2019s adviser China International Capital Corporation (CICC) picked five preliminary contenders including Chinese fashion companies and financial investors that proposed more than 1 trillion won for Teenie Weenie%u2019s trademark, business rights, design and sales organization in China. The deal excluded the brand%u2019s operations in Korea, Hong Kong and Taiwan.
E-Land will give the shortlisted bidders a month to conduct due diligence and name the final bidder early next month. The group aims to sign a final contract in July and complete the sale process within September.
The Chinese operation of Teenie Weenie, one of the best-selling brands in China, raked in 446.2 billion won in sales last year through its 1,200 stores across the country. Its net profit came to 90.3 billion won last year and average operating profit margin reached 34 percent.
E-Land expects that the potential sale of Teenie Weenie would significantly improve the group%u2019s overall financial health. Encouraged by Teenie Weenie bid%u2019s result, the group is also set to speed up the process of selling its retail chain Kim%u2019s Club, an initial public offering (IPO) of E-Land Retail and pre-IPO of its Chinese entity.
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