Flemingo Travel Retail is a leading duty-free & travel retail operator. It has finally received the go-ahead signal from the capital markets regulator Sebi to float INR 2,600 crore through the initial public offer.

The company had filed its Draft Red Herring Papers (DRHP) with the Sebi in last February & received its observations on 22nd June, which is necessary for any firm to launch the IPO. According to draft prospectus, Flemingo Travel Retail will issue the fresh shares approx. INR 2,423 crore and an offer for sale of around11,29,500 equity shares by Flemingo Duty-Free Shop Mumbai Pvt Ltd.

The proceeds will be utilized for “Acquisition of 100% of the equity interest especially in Flemingo International Ltd.” The remaining fund will be utilized to purchase all shares of Fleming Duty-Free Shop Private Ltd from the Flemingo International.

ICICI Securities, Axis Capital, Credit Suisse Securities, Yes Securities and HSBC Securities & Capital Markets will lead the company’s public issue.