Khadim India’s Rs 543 Crore IPO Opens On Nov. 2

Khadim India Ltd. will raise Rs 543 crore from its initial public offering as Anil Ambani’s private equity fund exits the footwear maker and retailer.

The company will sell shares at Rs 745-750 apiece in the three-day offer that opens on November 2, according to its red herring prospectus. Fairwinds Trustees Services Pvt Ltd., part of the Reliance Alternative Investments Fund, will sell its 33.83 stake to raise Rs 439 crore. Managing Director Siddhartha Roy Burman is also selling shares worth Rs 54 crore.

Khadim will raise the rest by issuing new stock, which will be used to repay debt and general corporate purposes.

The Kolkata-based company has more than 800 stores across the country,162 of which are company-owned and the rest are run by franchisee partners. It will look at opening more franchisee stores to expand in south, west and north India.