Footwear retailer Khadim India has received capital markets regulator Sebi's approval to raise an estimated Rs 550-650 crore through an initial public offering.

The company had approached Securities and Exchange Board of India (Sebi) with its draft red herring prospectus in July and received its 'observations' on September 13, which is necessary for any company to launch their public offer.

Khadim India's initial public offer (IPO) comprises the fresh issue of equity shares aggregating up to Rs 50 crore and an offer for sale of up to 6,574,093 equity shares by the existing shareholders. SBI Life IPO: All You Need To Know About This Biggest IPO

Net proceeds from the issue would be utilized towards payment of loans and for general corporate purposes. According to sources, the company is expected to garner an estimated Rs 550-650 crore through the initial share-sale offer.

Axis Capital and IDFC Bank are the book running lead managers to the issue. The company was incorporated in 1981, and for several years it was involved in wholesaling and distribution of basic utility footwear. It entered into the retail business in 1993. As on March 31, 2017, it has 829 retail store outlets in 24 states, according to Khadim India's website. New India Assurance IPO: Things To Know

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