FabIndia, a retailer of clothing and furniture inspired by traditional Indian crafts, plans to file preliminary documents for an initial public offering of as much as $500 million, according to people familiar with the matter.
The Delhi-based company, whose backers include PremjiInvest, the family office of Wipro Ltd. founder Azim Premji, aims to submit its so-called draft red herring prospectus as soon as early next year, the people said. Its IPO will largely consist of investors selling existing shares, they said, asking not to be identified as the information is private. FabIndia is considering seeking a valuation of about $2 billion, one of the people said.
Deliberations are ongoing and details of the listing such as size and timing could change, the people said. Representatives for FabIndia and PremjiInvest didn’t immediately respond to requests for comment.