Campus Activewear Private Ltd. plans to raise up to INR 20 billion through a public offer that should hit the market early year 2022, valuing the company around INR 100 billion. The top management of Campus, backed by private equity fund TPG Growth, is meeting investment bankers this week to discuss the process. Bankers might be hired in a month, said people aware of the development.

Promoters and some existing investors will dilute a part of their holdings in the issue. Besides TPG, the family office of the promoters of Havells Group - QRG Enterprises Limited - also holds a minority stake in Campus. Together, both have about a quarter of the total shares in Campus, acquired in 2017 at a valuation of INR 60 billion.

“We are considering listing the company in the medium to long term and it's too early to comment on any specifics on valuation, size and structure,” said Nikhil Agarwal, Chief Executive Officer, Campus Activewear. Spokespersons with TPG and QRG declined to comment.