Recently, according to people familiar with the matter, Fabindia Overseas Pvt. Ltd, a clothing and home retailer in India, plans to raise US$750 to US$1 billion to go public.

Two people familiar with the development said that Fabindia has hired five investment banks to help raise funds, including ICICI Securities, SBI Capital Markets, JP Morgan Chase, Credit Suisse and Nomura Investment Bank.

At present, spokesmen for SBI Capital Markets, JPMorgan Chase and Credit Suisse declined to comment, and other banks and investors did not respond.

The company sells about 25% to 30% of its shares to the public and will submit its draft IPO documents to market regulators before November.

Premji Invest is one of the company’ s main investors and will sell some of its shares in the company during the IPO. Other investors in the company include the Lighthouse Fund, funds managed by Axis Alternative Asset Management and Kotak Securities.

In 2020, Fabindia' s sales exceeded US$200 million, a year-on-year increase of 2.3%. In terms of profit, it fell from US$13.7 million in 19 years to US$4.1 million in 20 years. However, sources believe that the 20 years that have been severely affected by the epidemic cannot be used as a measure of the company' s future development.