Raymond's board approves IPO of JK Files & Engineering
2nd Dec 2021

Raymond’s board has approved the listing of its subsidiary JK Files & Engineering (JKFEL), a company that is in the business of auto parts. The initial public offering (IPO) will also comprise an offer-for-sale (OFS) of Rs 800 crore. Moreover, the IPO will not have any fresh issuance of shares and will be undertaken subject to requisite regulatory approvals and market conditions.

The company's shareholding in JKFEL will stand reduced by such number of shares as may be tendered for sale in the OFS. However, post-IPO, JKFEL shall continue to remain a material subsidiary of the company.

Raymond is one of India’s largest branded fabric and fashion retailers. It is one of the leading, integrated producers of suiting fabric in the world.